SEGRO holds a 50 per cent share of SELP and acts as asset, property and development manager for the joint venture.
The Czech Republic asset comprises two warehouses totalling 21,800 sq m, let to three tenants (OTEC, UTi and Schachermayer), all of whom use their premises for logistics purposes. It is adjacent to SEGRO’s existing assets and development project in Hostivice (a western suburb of Prague, adjacent to the international airport), ensuring that the local team is familiar with the asset and the occupiers. This acquisition will increase SELP’s holdings in the Czech Republic to almost 100,000 sq m.
Bożena Krawczyk, SEGRO’s Investment Director Central Europe comments:
“SEGRO consequently develops its portfolio and strengthens the position on leading CEE markets, including the Czech Republic. The transaction will boost SELP’s presence in the country, where our current portfolio comprises ca 100,000 sq of modern logistics space. This transaction is another example of our ability to source attractive off-market deals in markets we know well.”
The Czech acquisition is part of a pan-European portfolio deal, comprising in total almost 70,000 sq m. The remaining assets are located in France and Germany.