US privately-held developer-investor Hines announced on Wednesday that its Hines Global Income Trust fund has acquired Eastgate Park, a 39,000 m2 logistics park in Prague, from developer Charnwood Company.
The last-mile logistics facility is situated in an established industrial zone surrounding Prumyslová street in Šterboholy and is 99% leased. Financial details were not disclosed.
'The Czech Republic is proving to be an important and growing market for industrial tenants,' said Mietek Godzisz, senior managing director in the Hines Prague Office. 'We have strong conviction about future growth here. Eastgate Park is a best-in-class business park in one of the Czech Republic’s most robust markets.'
David Bouck, director of the Charnwood Company and the seller of the Eastgate Park added, 'After several years of targeted investment and upgrades, as well as the recent construction of over 7,000 m2 of new storage and flex buildings, we have converted the project into an exceptionally well located last-mile property. I am pleased that Hines Global has chosen this asset to be their investment into the growing Czech industrial market.'
Omar Thowfeek, managing director, investments of Hines Global, concluded, 'The area’s sizable labor pool for flex and distribution-focused warehouse space, combined with the prime location, make Eastgate Park a strong long-term last-mile distribution location and solid addition to the existing Hines Global portfolio.'
Hines Global is diversified by geography and real estate asset class, with a focus on strategic sectors and markets. Its $2.3 bn portfolio is 95% leased. Its industrial allocation, which makes up roughly half of the portfolio’s value, now includes the Czech Republic along with the United States, Netherlands, United Kingdom, Poland, Germany and Spain.
