(Corrects name of investment group in paragraph 4 to TPG, not TGP)
PRAGUE, Aug 25 (Reuters) - 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 elsewhere.
“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)