German institutional investor Deka Immobilien has acquired a logistics portfolio in the Czech Republic for around €460 mln from Czech industrial firm CTP Group.
The portfolio comprises 36 modern buildings with a total leasable area of around 430,000 m2 and two development projects. Properties range from the CTPark Prague North estate to the CTPark Teplice and CTPark Plzen industrial parks, which contain a mix of logistics and light industrial properties.
Due to the size of the acquisition and the different locations, the properties are being added to different funds, according to Deka. The CTPark Prague North property will be added to the open-ended real estate fund Deka-ImmobilienEuropa. The CTPark Teplice industrial park will be added to the WestInvest TargetSelect Logistics sector fund, which is aimed at institutional investors, marking the fund’s entry into the Czech market.
Meanwhile, the CTPark Plzen industrial park will form the seed portfolio for the new institutional fund Deka Immobilien Fokus Logistik Tschechien.
Deka Immobilien said it was entering into a long-term partnership with CTP for the transaction. CTP will manage the parks for 10 years.
The Deka Immobilien Fokus Logistik Tschechien fund continues the 'Fokus series' that was initiated in autumn 2016, offering institutional investors the opportunity to invest in an almost fully leased logistics portfolio with 37 high-grade tenants in a variety of sectors.