AEW Europe has made its first purchase in the Czech Republic for its Logistis fund.

The investment manager said it paid €150m ($168.8m) for a logistics park in Prague, buying the asset from developer Panattoni Europe.

Logistis has so far invested in France, Italy, Spain, Belgium and Germany.

AEW recently raised €834m for the fund, which is aiming to build a portfolio of grade-A assets across Continental Europe.

The 255,000sqm asset, close to Prague International Airport, includes a 125,000sqm standalone warehouse under development and fully pre-let to Amazon.

The property is due for completion this summer, with the remaining 130,000sqm including seven assets.

Remy Vertupier, fund manager for AEW Europe Logistis, said the asset was “undoubtedly one of the most attractive logistics investment opportunities to come to market in Central Europe in the last 12 months”.

He added: “We regard this strategic location as the best in the country, offering excellent letting potential and allowing us to instantly establish a strong market presence.”