AEW Europe buys €150m Czech park for new logistics fund

AEW Europe has purchased a 255,000 m2 logistics park in Prague from Panattoni Europe for a total completed value of €150 mln.

The property, earmarked for AEW Europe's Logistis Fund, includes a 125,000 m2 standalone distribution warehouse which is under development and fully pre-let to Amazon.

Set to be completed by the developer, Panattoni, during summer 2015, it will serve as a new location in Amazon’s European Fulfilment Network and will carry a BREEAM Very Good environmental certificate.

The remaining 130,000 m2 consists of a logistics development comprising seven Grade A assets. Four of the assets totalling 102,000 m2 will be built to let as multitenant units, while the remainder will be developed for the owner occupier market.

The transaction represents Logistis’ first acquisition in the Czech Republic and follows AEW Europe’s recent €834 mln capital raise on behalf of the fund.

Remy Vertupier, fund manager for AEW Europe Logistis said: 'This is undoubtedly one of the most attractive logistics investment opportunities to come to market in Central Europe in the last 12 months.'

AEW Europe and Panattoni were advised respectively by global law firms Dentons & Havel Holásek Partners.