Pan-European logistics real estate specialist Verdion has sold the Czech headquarters and principal logistics hub of parcel delivery giant UPS to Safichem Invest, the investment management arm of engineering and asset management company Safichem Group.
Financial details were not disclosed.
The 13,600 m2 property, located at Václav Havel international airport in Prague, was acquired by Verdion in 2018 as a forward funded development and became the first asset in the Verdion European Logistics Fund 1 (VELF1), which closed in 2020.
The property was developed for UPS’s own occupation and let on a 15-year lease upon completion in December 2019.
Simon Walter, director of asset management at Verdion, said: ‘This disposal has delivered exceptional returns and outperformance despite the more challenging market environment. A combination of Verdion’s high specification, building design, prime location and strong occupier enabled us to attract considerable investor interest.’
Verdion was advised on the sale by Knight Frank, CMS and Glatzova. White & Case, Deloitte and Grinity represented the purchaser.