Pan-European real estate asset manager and developer, PointPark Properties (P3) has commenced construction of a 20,000 m² Build-To-Suit (BTS) project for international logistics company Yusen Logistics at its PointPark Prague D1 location, in one of the few BTS developments of this type currently underway in Central and Eastern Europe.
Peter Beèár, Managing Director Czech Republic and Slovakia for P3 said: "Speculative development of logistics warehouses in Central Europe has been notable by its absence in the last few years due to the difficult economic situation.
This is now making itself felt through low vacancy rates, particularly for high quality modern and strategically located logistics facilities. As a result, companies now need to make plans to secure future capacity that might not be readily available.
YUSEN Logistics' decision to choose P3's Build-To-Suit solution in PointPark Prague D1 is a very positive sign for P3's development team and its active BTS program, which runs across the CEE region and includes such locations as Warsaw, Poznan, Prague, Bratislava, Kosice and Zilina".
Yusen Logistics offers air and ocean freight forwarding and contract logistics services from 1.87 million m² of warehouse space in 406 locations and 37 countries. The new building in PointPark Prague D1 is pre-leased to Yusen Logistics and is due to be completed by the summer of 2013. The BTS solution includes various construction adaptations such as 30 loading bays, additional skylights, four new drive-in access ways and a state-of-the-art intelligent lighting system.
Michal Peter, Managing Director of Yusen Logistics (Czech) s.r.o. said: "We chose PointPark Prague D1 for the construction of our new premises, because of its prime position as a key hub connecting Czech Republic with global logistics network. P3 was also able to meet all our technical requirements for the site in a short timeframe. "
With occupancy at PointPark Prague D1 now running at 97%, there is only 4,900 m² of space immediately available at the location, although P3 would, if needed, be able to offer BTS solutions and finish construction of up to a further 20,000 m² of warehouse space within five months.
Jaroslav Kaizr, head of the industrial letting team at Cushman and Wakefield who led the business negotiations between Yusen Logistics and P3 said: "Prague's D1 highway is considered by many to be Central Europe's primary logistics location, which is evidenced by a vacancy rate in the last two years of under 4.5%. Yusen Logistics' growing business required more space and new construction at PointPark D1 met that need."
Source: Bellier Financial