Redside has completed the acquisition of an industrial building in Pilsen, Czech Republic, with a total lettable area of 25,000m². The seller is the current occupier of the property Yazaki. The new owner will join forces with Panattoni Europe for further development. The purchase price was not disclosed.
The property benefits from an excellent location in the southwest section of the city, near the University of West Bohemia. About 40% of the tenants in the area are Czech companies, with international business largely represented by German and Japanese companies, specialising in consumer electronics manufacturing, the automotive industry, precise engineering products, air-conditioning systems, forms and plastic prototypes, and strategic services.
Fund manager Redside, Tomas Berka, said: “This property has a very attractive location and it also fits perfectly into our logistics-industrial portfolio, which we established at the end of last year with the acquisition of an industrial park in Trencin, Slovakia. This year we would like to complete at least two similar transactions and expand the size of the portfolio even further."