PNK divests industrial assets in Slovakia for €31m

Industrial real estate developer PNK group has completed the sale of two modern industrial buildings within its industrial park near Bratislava to Reico’s CS nemovitostní fond for a total of nearly €31 mln.

The facilities, located in the PNK Park Sered, provide a total of 45,000 m2 and are used as regional base for Polish fast-fashion conglomerate LPP and German-based manufacturer Wegu.

The facilities were highly in demand among CEE property investors, said Rudolf Nemec, head of capital markets at JLL Slovakia, which facilitated the transaction. ‘The combination of long leases, strong covenants and major focus on LPP’s regional distribution warehouse for online sales secured strong competition among institutional bidders,’ he said.

PNK is currently developing a third facility on the site, with a total area of 43,165 m2. In total it expects to add three more buildings for a total area of 183,546 m2 to the Park Sered, added Azamat Yerzhanov, partner of PNK group Europe.

‘The acquisition of PNK Park in Sered improves the regional and sector-wise diversification of our property portfolio hence reduces the portfolio risk. At the same time, this investment increases the income generation potential of our fund over the long term especially thanks to a very long term commitment of quality tenants to this premier logistics property,’ added Tomáš Jandík, chairman of the board of directors of Reico.

This transaction underlines the complexity of provided services. Thanks to the flexibility and creativity of advisory teams and dedication of both buyer and seller, the transaction was closed even in this difficult situation with a lot of restrictions and limitations,’ says Peter Nitschneider, Country Manager and Head of Advisory JLL Slovakia.