Logistics real estate: Mega transaction by VGP in the Czech Republic

VGP and its joint venture partner Tristan Capital Partners together sell a logistics portfolio in the Czech Republic for EUR 523 million

VGP and its joint-venture partner Tristan Capital Partners, an international real estate investment manager, have sold a portfolio of prime logistics assets and development land in the Czech Republic to Prague-based PointPark Properties (P3) for EUR 523 million.

The sale is one of the largest single logistics transactions by value in Europe of the past ten years, creating substantial additional shareholder value for both shareholder partners. VGP will primarily reinvest its part of the sales proceeds in VGP’s core markets located in the mid-European region and especially Germany.

The transaction covers a total of 58 modern logistics buildings with a total of 627,000 m² of lettable space and includes 36 hectares of development land, primarily around Prague. At the core of the transaction is VGP Park Horní Počernice, one of the largest logistics parks in the Czech Republic, which VGP has been developing since 2006.

The sale to P3 is scheduled for completion during the fourth quarter of 2014, subject to the finalisation of contract terms and regulatory approval. VGP has been retained by P3 to continue providing property and facility management services to the disposed portfolio.

VGP is a leading project developer for high-end commercial real estate and administrative buildings. VGP specialises in the acquisition of strategically positioned areas with ideal transport and logistics connection, and develops customised real estate solutions for its customers. The service range covers project development, surveillance of construction works, building management and long term letting.

The real estate group counts among the market leaders in its domestic market – the Czech Republic, and has been growing quite strongly in the German market since 2012. More industrial parks are developed and served in Central and Eastern Europe (Latvia, Estonia, Slovakia, Hungary, Romania). VGP is listed at Euronext Brussels and the Prague stock exchange. The VGP group is headquartered in Zele/Belgium, the German VGP Industriebau GmbH is based in Düsseldorf.

www.vgpparks.eu

Quelle: LogEastics
Portal: www.logistik-express.com