PRAGUE-Curzon Capital Partners II, a fund managed by London-based Tristan Capital Partners, has purchased six industrial parks in the Czech Republic for $184 million, by entering an 80/20 partnership with the owner, developer VGP NV. The former owner will continue to be a co-owner and will maintain the asset management of the properties.
The six properties are 100% occupied and are located in Hradec Kralove, Liberec, Mlada Boleslav, Pilsen, Olomouc and Usti. The deal also includes the potential to develop an additional 5.5 million square feet within the portfolio.
The venture is the second entered into by Tristan and VGP. In March, a fund co-advised by Tristan and AEW Europe entered into an 80/20 joint venture for the first portion of a logistics portfolio centered around Prague.
Jan Van Geet, CEO of VGP, said in a statement that the transaction provides his firm with a solid base to expand different business lines and to actively look at new development opportunities within the Central European region, with a focus on Poland and Germany.
The economic growth in the Central Region has been generally more robust than in Western Europe. Cameron Spry, head of investments at Tristan, said in the statement that the limited development of logistics warehouse capacity in Europe during the past few years of difficult economic conditions has placed a premium on the most modern and best-located facilities, such as these properties.
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