Global investor AEW has sold a prime logistics facility in the Czech Republic for a record low yield of 4.25%.
A South Korean institutional investor paid €135 mln for the asset.
It is understood AEW was not seeking to sell, but was approached off-market with an offer.
The yield of 4.25% is a new benchmark for the Czech Republic, where yields have traditionally been nearer to 5%.
Located in Dobroviz, Prague, close to Václav Havel International Airport and serving the German fulfilment market, the warehouse comprises 125,000 m2. It is fully leased to Amazon until 2030.
Stuart Jordan, managing director of Savills’ Czech and Slovak Republics, declined to comment on the yield to PropertyEU’s sister-title Europroperty, but said: ‘Acting as a gateway to Germany, this asset is located in one of central and eastern Europe’s most sophisticated logistics hubs.'
The buyer was advised by Roebuck Asset Management. AEW disposed of the asset from its flagship Logistis fund.