Europa Capital’s Westgate Park Rudna, a 90,000 m² logistics project of built and future development in Prague, has been sold to a US based developer. The deal follows the successful completion of a comprehensive refurbishment and leasing of the property to the sports retailer, Sportisimo.
Europa purchased the 32,380 m² vacant property plus 14.5 hectares of development land in Q4 2013, having negotiated a deal with the grocery chain and owner-occupier, Billa. The project was managed by local developer, The Charnwood Company, who oversaw the refurbishment program, secured the leasing of the existing building and successfully re-positioned the project into a Class A industrial park. During this period, permits were secured for the additional 57,000 m² of warehousing.
Robert Martin, Principal and Head of Central Europe at Europa, said: “Westgate Park Rudna is representative of Europa’s strategy to acquire fundamentally sound assets in good locations which offers repositioning opportunities through active asset management initiatives such as refurbishment and income generation therefore making them attractive to institutional buyers.”
Source: Europa Capital