P3 new warehouses

A major Czech logistics property developer PointPark Properties (P3) has agreed on the buyout of 627,000 sqm of logistics warehouses and grounds in the Czech Republic. The transaction amounted to €523 million and was supervised by Tristan Capital Partners and VGP. Apart from Czech Republic, P3 has recently invested in Italian and other properties. In the Czech Republic P3 invested in 11 logistics parks being 58 warehouses plus additional grounds. In total, P3 will offer its customers almost 2.5 million sqm of logistics warehouses in Europe. The CEO of P3 Ian Worboys told the press that the location of the newest logistics parks was perfect, being situated on 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, Horní Počernice, located in Czech’s Prague, comprises to half of the bought property portfolio, being a primary storage area for internet retail sellers. 27 bought A-class warehouses are located in Pilzno, Liberec, Hradec Kralove and Olomuniec, having good connection with Germany, Poland and Slovakia. PointPark Properties (P3) is a major Czech logistics property owner, developer and manager of European logistics objects. The company will own 117 warehouses in 8 European countries. Total GLA will amount to more than 780,000 sqm.