(Corrects name of investment group in paragraph 4 to TPG, not
PRAGUE Aug 25 VGP real estate company
and its joint-venture partner Tristan Capital Partners have
agreed to sell logistics parks in the Czech Republic for 523
million euros ($690.31 million) to PointPark Properties, VGP
said on Monday.
The Belgium-based company said it would invest the sale
proceeds into development of its projects in Germany and
"As we have been recording an increasing demand for high-end
and modern industrial properties in Germany and eastern Europe,
now is an optimal time to sell and to re-invest the sales
proceeds in new greenfield development projects," VGP Chief
Executive Jan Van Geet said in a statement.
PointPark Properties, which owns a number of logistics parks
around Europe, is owned by TPG private investment group and
Invanhoe Cambridge real estate company.
VGP said the sale was one of the largest single logistics
transactions by value in Europe in the past 10 years.
VGP said the sale included 58 logistics buildings with a
total of 627,000 square metres of lettable space and 36 hectares
of development land. The biggest single part of the assets is
VGP Horni Pocernice, a logistics park on a highway on the
north-eastern edge of Czech capital Prague.
(1 US dollar = 0.7576 euro)
(Reporting by Robert Muller, editing by Louise Heavens)