TPG’s real estate arm has formed a partnership with a Czech Republic industrial parks developer to pursue investment opportunities in Central Europe.
The TPG Real Estate Partners (TREP) and Contera venture will primarily target assets in the Czech Republic and Slovakia. The venture has agreed its first project, a 140,000 sqm industrial zone in Ostrava-Hrušov in the Czech Republic.
As part of the newly formed venture, TREP has agreed a €90m deal to buy certain assets from Contera, including the company’s industrial parks in Teplice and Ostrava.
Contera will continue to operate and manage these assets, as well as the assets acquired and developed through the venture. Contera will also continue to independently own and manage the remainder of its portfolio, which includes about 110,000sqm of industrial property.
Michiel Celis of TPG Real Estate Partners, said: “In forming the venture, we are partnering with a highly experienced and proven local team to pursue opportunities in a region and sector that continue to experience strong growth trends.
“We look forward to making this a successful, long-term partnership and hope to invest significantly more capital as we source new projects and execute on an exciting pipeline of opportunities.”
Tomáš Jirků, co-founder and CEO of Contera, said: “After 10 years of growing Contera independently, thanks to this partnership with a strong global investor, we can start a new era in the development of our company.
Dušan Kastl, co-founder and managing director of Contera, said: “Our partnership with TREP will allow us to expand significantly and reach strategic scale in the Czech and Slovak markets.”
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