NORTH AMERICA – Ivanhoé Cambridge and TPG have acquired PointPark Properties (P3), a Prague-based industrial development company.

Meka Brunel, executive vice-president in Europe for Ivanhoe, said: “This strategic investment represents a unique opportunity to acquire a large and independent logistics platform in Europe. 

“With assets strategically positioned along major air, sea and rail transport routes, P3 offers a very attractive growth potential and will contribute to the diversification of our real estate portfolio.”

Anand Tejani, TPG Partner, said: “P3 is a leading full-service logistics platform with a high-quality portfolio of warehouse assets located in Europe’s core distribution hubs. 

“It is well positioned to benefit from the positive macro trends driving growth in occupational demand for European logistics space.”

Financial terms for the deal were not disclosed.

P3 is an active player in the Czech Republic, France, Germany, Italy, the Netherlands, Poland, Slovakia and Spain. 

Meanwhile, Ivanhoe has said it is looking to invest more capital in Europe. 

“Our focus for the future will be mostly in London and Paris, where we are looking to grow critical mass,” Brunel said.

“From a property type standpoint, its mostly multi-family and office.”

Ivanhoe closed one other investment earlier this week, paying $850m (€625m) for a 51% managing member interest in the 1211 Avenue of the Americas office building in New York City.

Adam Adamakakis, executive vice-president of investments for Ivanhoe, said: “Our view of this property is that it’s an iconic one. It’s located right across the street from Rockefeller Center, which makes the location very strong. 

“The New York office market is one of the strongest office markets in the country, with diverse economic drivers. There is room for improvement in the market once the financial service tenants start looking for additional space.”

Ivanhoe acquired its interest in 1211 Avenue of the Americas from Beacon Capital Partners, which has owned the property since August 2006.