PointPark Properties (P3), the specialist investor, developer and asset manager of warehouse properties, has bought 22 hectares of land alongside the D11 motorway east of Prague for a new 120,000 m² logistics park which, when complete, will boost its total lettable area around the Czech capital by nearly 40%. The company will develop the site for a total investment of around €85 million to serve the rapidly growing demand for quality warehousing and distribution space in the vicinity of the city.
Tomáš Míček, Country Head P3 Czech Republic said: “The Czech Republic is one of Europe’s logistics hot-‐ spots and the supply of distribution properties here has tightened considerably over the last few years. Our current parks have very little space left for new developments, so this investment will allow us to meet the needs of our customers as they expand in the market”.
The D11 is the main motorway link between Prague and the eastern part of the Czech Republic and southwest Poland. The P3 site is located close to Mstětice at Exit 8 on the D11, about 8 km from the edge of Prague and close to the city’s ring road with easy connections to the motorways leading to Germany, Austria and Slovakia.
PointPark Prague D11 logistics park will have space for seven warehouse buildings and is expected to be of particular interest to third party logistic companies and retailers -‐ sectors that have been rapidly growing in the Prague region in recent years. Planning permits are already in place for the first buildings at the site.
Tomáš Míček continued: “The new land that this investment will make available at PointPark Prague D11 will allow our BTS teams to quickly design and deliver space that is tailor-‐made to meet our customers’ requirements.”
The new park will be P3’s third logistics facility in the Prague region and will increase its total lettable area around the city to 428,000 m². The company’s other parks in the region are PointPark Prague D1, 16km south of the city, a four-‐building facility with an area of 176,000 m², and PointPark Prague D8 to the north that has five buildings with a sixth under construction and total space of 132,000 m². In the past 12 months, P3 has completed nearly 50,000 m² in expansions at D1 and D8 for clients Yusen, DHL Express and Mountfield – making the Czech Republic the company’s most active development market in Europe. Neither of the two existing parks has any significant vacancy.
Ian Worboys, P3 CEO said: “This is a substantial acquisition for P3 and the first site purchase since we were bought by our new shareholders TPG and Ivanhoé Cambridge last year. It shows their commitment to grow the P3 platform building upon the skill base of the P3 team and our knowledge of the Czech market.”
Source: PointPark Properties