GARBE Industrial Real Estate CEE has completed the sale of GARBE Green Park Piest’any in Slovakia. The buyer is Patria investicni spolecnost, a.s., the part of CSOB. After the sale, GARBE will remain the property manager in Green Park. The value of the transaction was not published.
GARBE Green Park Piest’any is a c. 28,000m2 carbon-neutral sustainability project in the CEE region, equipped with photovoltaic panels and water recycling. It is easily accessible and located near public transport. The industrial park is fully leased.
"We entered the Central and Eastern European markets four years ago. We have built several industrial parks that meet high technical requirements and sustainability certifications. Their attractiveness is underlined by the interest of tenants who appreciate the location and quality of our projects. After a three-year development cycle, it is reasonable that GARBE has reached the phase when it offers its first projects for sale to investors, not only in Slovakia, but also in the Czech Republic and Poland," said Martin Polak, Managing Director Central & Eastern Europe at GARBE Industrial Real Estate GmbH.
Nina Kozakova, Chairman of the Board of Patria investicnc spolecnost, commented on the transaction: "We are pleased that the development of GARBE Industrial Real Estate Group is the first asset in our new fund. The attractive location, excellent tenants, long lease contracts and the developer's responsible approach to sustainability and quality are in line with our investment strategy."
GARBE's real estate advisors on the sale of GARBE Green Park Piešt'any were Kinstellar and ASB. For Patria, Wilsons provided legal advice, TPA provided financial advice, Gleeds provided technical advice and iO Partners provided valuation.
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