Hines,has acquired a portfolio of four logistics assets, spanning a total of 65,960 square metres, in Prague on behalf of its Hines European Core Fund (HECF), from CPI Property Group, a leading Czech investor and developer, for an undisclosed price.
The fully-let assets are located in Brandýs nad Labem, Vestec and Jažlovice, all of which are highly desirable, well connected and established last-mile logistics locations in the Czech capital, with direct highway access providing a gateway to the majority of the Prague market within 30 to 40 minutes’ drive time. The core occupiers are Continental Automotive, Boels and Mapei.
This acquisition marks HECF’s eighth logistics purchase, aligning with the fund’s ongoing strategy to assemble a leading-edge portfolio of urban logistics assets in key, supply constrained urban locations servicing world class occupiers, with strong long-term growth prospects.
Simone Pozzato, managing director and fund manager of HECF, Hines, said:
“We continue to broaden our exposure to the logistics sector, targeting supply constrained locations across major European cities, with attractive long-term growth prospects. Each of the four assets are situated in prime urban locations backed by strong market fundamentals and major tenants in situ for the long term, which we believe will provide stable distribution and strong long-term appreciation potential for our investors.”
Source : Hines