Czech logistics developer VGP has announced the conclusion of an agreement for a potential sale of 80 percent equity interest in six VGP parks located in the main regional cities of the Czech Republic. The transaction is valued at over €140 million, and also includes some future development pipeline. The new capital partner acquiring the parks was not disclosed.
In March VGP entered into an 80:20 joint venture with European Property Investors Special Opportunities (EPISO), a fund co-advised by AEW Europe and Tristan Capital Partners. The transaction was valued at around €300 million and involved a Prague-area logistics portfolio of six parks with 368,000 sqm of space as well as 62,000 sqm of pipeline development.
As with the previous deal, VGP will continue to have operational management of the parks. The deal is still subject to certain conditions and due diligence, and is expected to close in the third quarter of 2011.