P3 buys warehouses in Czech Republic

Logistics property developer PointPark Properties (P3) has agreed on the acquisition of a 627,000 sqm portfolio of warehouses and logistics grounds in the Czech Republic. The transaction value was €523 million. Tristan Capital Partners and VGP were P3's advisors in the deal In the Czech Republic P3 bought 11 logistics parks that include 58 warehouses plus additional grounds. In total, P3 will now be able to offer its customers almost 2.5 million sqm of logistics warehouses in Europe. The CEO of P3 Ian Worboys told the press that the newly bought logistics parks have a convenient location, at the connection of the west, central and east European trade routes. Investing in the logistics parks serves for the company’s further development and expansion, added Worboys. The biggest logistics park in the portfolio, Horní Počernice, located close to Prague, comprises half of the total acquired space, being a primary storage area for internet retailers. The remaining 27 A-class warehouses are located in Plzen, Liberec, Hradec Kralove and Olomouc, offering good connections to Germany, Poland and Slovakia.