CBRE advise PointPark Properties (P3) on the largest ever industrial acquisition in the Czech Rep.
Transaction volume EUR 523 million
PointPark Properties (P3) backed by TPG and Ivanhoe Cambridge have committed to purchase a portfolio of industrial and logistics properties across the Czech Republic for EUR 523 mln. The transaction is the largest industrial property deal ever in the Czech Republic (and the second largest property deal of any sector, being a similar volume to Palladium, Prague’s landmark high-street asset, transacting for ca. EUR 530 million in 2007). The portfolio extends to 627,000 sq m of standing assets and includes development land with the potential to develop 125,000 sq m of additional space.
The properties are leased primarily to institutional tenants and include some 336,000 sq m of prime warehouses at Horni Pocernice in Prague which is considered to be the "jewel in the crown" of the portfolio. Horni Pocernice is considered to be the premier industrial/logistics park in Central Europe, if not Europe.
CBRE’s multi-disciplinary teams have worked with P3 since early in the year on all aspects of commercial and technical underwriting of the assets and the transaction.
Jeff Alson Head of Capital Markets for CBRE said: “Having the ability and resource to underwrite a transaction of this scale and complexity gave us the opportunity to add significant value at both the bidding stage, and final underwriting of the transaction. We are delighted to participate with P3/TPG in such landmark and strategically important acquisition”
Ian Worboys, CEO of P3, said “I was delighted by the way in which CBRE worked in advising us on this deal. They worked closely with our own in house teams to provide us with both a Pan European and local knowledge all of which helped the deal complete.“