PRAGUE—PointPark Properties, a European logistics specialist, has agreed to pay $690 million (€523 M) for a portfolio of logistics properties located in the Czech Republic.

The deal includes 6.75 million square feet (672,000 square meters) of logistics warehouses and associated development land from two funds advised by Tristan Capital Partners and VGP. The package is comprised of 11 logistics parks consisting of a total of 58 warehouses, and additional development land.

The sale is the biggest single deal for Tristan since the firm was established by CEO Ric Lewis five years ago and is the fourth largest logistics portfolio transaction in Europe since the start of 2012, when activity in the market began to gather pace, according to Real Capital Analytics (RCA) data. The transaction follows P3's acquisitions in Italy last month and others earlier this year.

The sale to P3 is scheduled for completion in the fourth quarter of 2014, subject to the finalization of contract terms and regulatory approval.

“This investment continues our expansion strategy as it strengthens the company´s position in the top rank of European logistics warehouse owners,” said Ian Worboyds, CEO of PointPark. “The Czech Republic is a strategic market for us because it sits at the crossroads of the main transport routes between Western, Central and Eastern Europe. The assets we acquired in this transaction are situated in prime logistics locations and are amongst the most modern facilities in Europe. Combining the acquired facilities with our existing holdings means P3 now owns one of the largest networks of logistics parks across Europe and we can offer our extensive customer base even more real estate options.”

The portfolio of existing assets comprises:

- The pre-eminent logistics park (Horní Pocernice) in the capital city Prague totaling 390,000 m2 of lettable area and 26 hectares of land.

- The remaining assets are in key strategic hubs including Plzen, Liberec, Hradec Kralove and Olomouc and total 237,00 m2 of lettable space and 10 hectares of land.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.