In one of the largest real estate deals the Czech Republic has seen to date, Viterra Development GmbH has sold a 1.5-million-sf logistics park it developed near here to Heitman Central Europe Property Partners II for an estimated $120 million.
Chris Merrill of Chicago-based Heitman, the sponsor of the fund, declined to confirm the sale price, provided to GlobeSt.com by another source familiar with the transaction, but he did say the park was 100% occupied at the time of sale and is believed the largest park in Central Europe.
The park is located in Rudna, three miles outside of the city. To date, it has undergone 12 phases of construction and is near completion. Of the planned 1.2 million sf of logistics and storage space, 968,400 sf have been completed, and of the planned 322,000 sf of office space, 269,000 sf have been completed. Construction on the remaining space is expected to be completed by the end of 2005.
Heitman Central Europe Property Partners II was launched in 2002. Merrill tells GlobeSt.com that the fund’s typical hold is three to seven years. Viterra Development is a subsidiary of Viterra AG, Germany’s largest private housing company with approximately 165,000 apartments under its control. Viterra Development develops office real estate and owner-occupier apartments in the metropolitan areas of Germany as well as in Prague and Warsaw.