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.
Mieczyslaw Godzisz, managing director, Hines, added, “The acquisition of this excellent portfolio of assets bolsters our presence in the Czech Republic and underlines our burgeoning reputation as one of major industrial players across Europe in terms of size.”
Tomáš Salajka, director of acquisitions at CPI Property Group, commented, “I am extremely pleased that Hines, which has more than 60 years of worldwide experience in industrial and logistics, has become the owner of these projects. This makes me confident that our long-standing business partners Continental Automotive, Boels and Mapei will continue to be in good hands.”
