Prague – PointPark Properties (P3), the specialist owner, developer and manager of European logistics properties, has agreed to buy 627,000 m2 of logistics warehouses and associated development land in the Czech Republic from two funds advised by Tristan Capital Partners and VGP for €523 million. The transaction follows P3’s acquisitions in Italy last month and others earlier this year.
P3 is buying 11 logistics parks consisting of a total of 58 warehouses plus land offering the potential to develop a total of 125,000 m2 of additional space. The purchase, which is subject to contractual terms and regulatory approvals, means P3 will offer its customers a platform of more than 2.4 million m2 of logistics warehousing across continental Europe.
Ian Worboys, P3 CEO said: “This investment continues our expansion strategy as it strengthens the company´s position in the top rank of European logistics warehouse owners. The Czech Republic is a strategic market for us because it sits at the crossroads of the main transport routes between Western, Central and Eastern Europe. The assets we acquired in this transaction are situated in prime logistics locations and are amongst the most modern facilities in Europe. Combining the acquired facilities with our existing holdings means P3 now owns one of the largest networks of logistics parks across Europe and we can offer our extensive customer base even more real estate options.”
Prague’s Horní Počernice logistics park, the largest park in the Czech Republic, makes up roughly half of the portfolio that P3 has agreed to purchase. Horní Počernice is in high demand from diverse occupiers including retailers, notably those active in e-commerce, because it provides direct access to Prague’s city centre within a 10-minute drive from the park. It also has excellent connections to the rest of the Czech Republic, Germany and Poland via the capital city’s network of ring roads. The park offers scope for additional development, since it includes land with consent to add 69,000 m2 of Build to Suit space.
The balance of the acquired portfolio consists of 27 class A warehouses that are spread across the Czech Republic in strategic locations such as Plzen, Liberec, Hradec Kralove and Olomouc. These logistics parks also benefit from good transport connections to Germany, Poland and Slovakia and are occupied by a diverse range of tenants. A large number of them are leading suppliers to the European automotive industry.
About PointPark Properties (P3)
PointPark Properties (P3) is a specialist owner, developer and manager of European logistics properties. Active throughout Europe, P3’s asset base will now comprise 117 warehouses spread across 8 countries and a land bank with zoning for more than 780,000 m2 of potential development.
P3’s mission is to provide warehouse tenants with a first rate occupancy experience in high quality assets in key logistics locations. P3 develops environmentally sustainable warehouses that meet the highest international standards.
P3 is owned by shareholders TPG Real Estate and Ivanhoé Cambridge.