European Property Investors Special Opportunities (EPISO), a fund co-advised by AEW Europe and Tristan Capital Partners, has entered into a 80:20 joint venture with VGP for a logistics portfolio based around Prague. The transaction was valued at around €300 million.
“This opportunity allowed us to purchase a core logistics park with very low vacancy. With the future development potential, we intend to create the pre-eminent logistic platform in Prague to benefit from future economic growth in the Czech Republic,” said Daniel Harris, co-head of Investment at AEW Europe .
Tristan Capital Partners CEO Ric Lewis added that it was an excellent opportunity to diversify the fund by investing in the growing Czech logistics market.
VGP’s flagship park in the Horní Počernice district of Prague 9, accounts for 85 percent of the acquired portfolio, which in total comprises over 368,000 sqm of completed logistics assets. Also included in the deal are a further nine buildings to be developed totaling 62,000 sqm. Besides performing the development, VGP will be in charge of asset management, property management, facility management and leasing.