A fund managed by Tristan Capital Partners has acquired six parks of the Czech logistics portfolio of real estate developer and manager VGP NV, for around 135 million.
The six properties purchased by the Curzon Capital Partners III (CCP III) fund are 100% occupied and are of high quality having all been built within the last four years. There is also the potential to develop an additional 50,000 m² within the portfolio.
The units are located in the northern, eastern and western Czech regions on major transport routes at Hradec Kralove,Liberec, Mlada Boleslav, Pilsen, Olomouc and Usti.
Ric Lewis, CEO of Tristan Capital Partners said: "This is the latest in a solid pipeline of deals we have lined up for the CCP III value added/core plus strategy. We are already investing for the fund even though we are still raising additional capital for this strategy. The transaction is a result of the strong and fruitful relationship that we have established with Jan Van Geet and his team at VGP."
Jan Van Geet, CEO of VGP NV added: "We are delighted to have entered into this second joint venture with a fund managed by Tristan Capital Partners. The transaction provides us with a solid base to expand our different business lines and allows us to actively look at new development opportunities within the Central European region with a focus on Poland and Germany."
In March this year, EPISO, a fund co-advised by Tristan and AEW Europe, entered into an 80:20 joint venture with VGP for a first portion of its logistics portfolio centered around Prague. This latest deal, exclusively with Tristan's CCP III fund, is a similar 80:20 arrangement and VGP will continue to be a co-owner and will be retained as asset manager, responsible for property management, facility management and leasing.