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.”
Source: PointPark Properties