TPG and Ivanhoé Cambridge’s PointPark Properties (P3) has agreed to spend €523m on a logistics portfolio in the Czech Republic.

Prague-based P3 said the 627,000sqm portfolio includes both warehouses and development land. Tristan Capital Partners and VGP are selling the portfolio on behalf of two funds.

Spread across Plzen, Liberec, Hradec Kralove and Olomouc, the portfolio includes 11 logistics parks with 58 warehouses, as well as land with 125,000sqm of development potential. Prague’s Horní Počernice logistics park, the largest in the Czech Republic, makes up roughly half of the portfolio, PS said.

P3, last year sold to TPG and Ivanhoé Cambridge by Bahrain’s Arcapita, said completion of the deal would take its portfolio to 2.4m sqm of logistics warehousing in continental Europe. The firm last month bought a 170,290sqm portfolio of four logistics properties in Italy from AEW Europe’s Logistis fund and a fifth, 32,000sqm property east of Milan from Italy’s CD Group.

P3, which has assets in the Czech Republic, France, Germany, the Netherlands, Poland, Slovakia and Spain, is looking to expand in Europe.

Ian Worboys, P3 chief executive, said the Czech Republic was a “strategic market” for the firm at the crossroads of 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,” Worboys said.