Verdion divests UPS headquarters near Prague

Verdion divests UPS headquarters near Prague

Verdion has divested UPS’s Czech headquarters and principal logistics hub, the 13,600 sqm building in Tuchoměřice is located at Václav Havel international airport, Prague.

The company sold the property to Safichem Invest a.s., the investment management arm of engineering, manufacturing and asset management company Safichem Group AG.

The property was acquired by Verdion in 2018 as a forward funded development and became the first asset in the Verdion European Logistics Fund (VELF1).

The property was developed for UPS’s own occupation and let on a 15-year lease from practical completion in December 2019.

Simon Walter, Director of Asset Management at Verdion, said: “This disposal has delivered exceptional returns and outperformance despite the more challenging market environment. A combination of Verdion’s high specification, building design, prime location and strong occupier enabled us to attract considerable investor interest.”

Verdion European Logistics Fund 1 (VELF 1) closed in 2020 with capital projects and asset enhancement programmes well underway. In September this year Verdion started fundraising for a second fund, seeking €400 million of equity.

Knight Frank, CMS and Glatzova advised Verdion. White & Case, Deloitte and Grinity advised the purchaser.