Europa Capital has completed the acquisition of a 32,000 m2 warehouse facility with 150,000 m2 of adjacent development land in Prague, Czech Republic.
Europa Capital has completed the acquisition of a 32,000 m2 warehouse facility with 150,000 m2 of adjacent development land in Prague, Czech Republic.
Financial details were not disclosed.
The property, constructed in 1997, is located in the prime logistics location of Rudna to the West of Prague.
Shortly after acquisition, Europa said it plans to commence a comprehensive refurbishment of the existing premises in order to provide a modern warehouse facility which will then be marketed for lease.
There is potential for an additional 55,000 m2 of new warehouse space (the majority of which already benefits from planning) on the development land.
The Charnwood Company will assist Europa Capital with the delivery of the refurbishment, leasing and further planning permits.
'The European logistics sector is attractive to us and this represents an interesting opportunity for Europa to acquire a substantial warehouse property with development land in a prime distribution location,' said James Farmer, senior associate at Europa Capital. 'We are acquiring at a significant discount to replacement cost and this investment offers an attractive blend of immediate value add potential and some longer term angles.'
