AEW Europe acquires €150 mln Czech logistics park (CZ)

AEW Europe announces on behalf of its logistics Fund, that it has purchased a 255,000 m² logistics park in Prague, Czech Republic from Panattoni Europe for a total completed value of €150 mln.
Located on the R6 motorway, close to Prague International Airport and the city’s R1 ring road, the property includes a 125,000 m² standalone distribution warehouse which is under development and fully pre-let to Amazon.
Set to be completed by the developer, Panattoni, during summer 2015, it will serve as a new location in Amazon’s European Fulfilment Network and will carry a BREEAM Very Good environmental certificate.
The remaining 130,000 m² consists of a Logistis development comprising seven Grade A assets. Four of the assets totaling 102,000 m² will be built to let as multitenant units, while the remainder will be developed for the owner occupier market.
The transaction represents Logistis’ first acquisition in the Czech Republic and follows AEW Europe’s recent successful €834 mln capital raise on behalf of the Fund. Logistis growth strategy remains focused on working with local developers to build a portfolio of Grade A logistics parks in prominent locations across the main logistics hubs in Continental Europe.
Remy Vertupier, Fund Manager for AEW Europe Logistis said: “This is undoubtedly one of the most attractive logistics investment opportunities to come to market in Central Europe in the last 12 months. We regard this strategic location as the best in the country, offering excellent letting potential and allowing us to instantly establish a strong market presence, which we look forward to growing in line with our Fund strategy.”
Source: AEW Europe