Hines fund acquires logistics portfolio in Prague

Hines fund acquires logistics portfolio in Prague

Hines has acquired a portfolio of four logistics assets, spanning a total of 65,960 square metres, in Prague.

The portfolio was acquired from CPI Property Group, a Czech investor and developer, for an undisclosed price, on behalf of its Hines European Core Fund (HECF).

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.

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.”

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.”