(PRAGUE) – Hines, the global real estate firm, has acquired a portfolio of four logistics assets, spanning a total of 65,960 square metres, in Prague on behalf of its Hines European Core Fund (HECF), from CPI Property Group, a leading Czech investor and developer, for an undisclosed price.
The fully-let assets are located in Brandýs nad Labem, Vestec and Jažlovice, all of which are highly desirable, well connected and established last-mile logistics locations in the Czech capital, with direct highway access providing a gateway to the majority of the Prague market within 30 to 40 minutes’ drive time. The core occupiers are Continental Automotive, Boels and Mapei.
This acquisition marks HECF’s eighth logistics purchase, aligning with the fund’s ongoing strategy to assemble a leading-edge portfolio of urban logistics assets in key, supply constrained urban locations servicing world class occupiers, with strong long-term growth prospects.
Simone Pozzato, managing director and fund manager of HECF, Hines, said:
“We continue to broaden our exposure to the logistics sector, targeting supply constrained locations across major European cities, with attractive long-term growth prospects. Each of the four assets are situated in prime urban locations backed by strong market fundamentals and major tenants in situ for the long term, which we believe will provide stable distribution and strong long-term appreciation potential for our investors.”
Tomáš Salajka, director of acquisitions at CPI Property Group, commented:
"I am extremely pleased that Hines, which has more than 60 years of worldwide experience in industrial and logistics, has become the owner of these projects. This makes me confident that our long-standing business partners Continental Automotive, Boels and Mapei will continue to be in good hands."
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Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management valued at approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm has more than 171 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees investment assets under management valued at approximately €21.7 billion and provides third-party property-level services totaling 3.9 million square meters in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.
1. Includes both the global Hines organisation as well as RIA AUM as of 30 June 2021.
About Hines European Core Fund (HECF)
The HECF was set up in 2006 with the aim of providing investors with a resilient income profile and benchmark’s outperformance, derived from a diversified portfolio of high-quality assets located in prime locations across major European cities. As of Q4 2021 the HECF portfolio was 97% occupied with an aggregate fund value of c.€2.8bn. The portfolio of the Fund comprised 35 assets including forward commitments, invested in 16 city markets across ten different European countries. In addition, HECF achieved the highest possible rating of five Green stars out of five for an unprecedented fifth year in a row by GRESB, achieving a score of 96, its highest score to-date, once again coming first in its peer group and being awarded Sector Leader for a fifth consecutive year in October 2021. HECF received multiple awards by GRESB including Overall Global Sector Leader, Global Sector Leader, Overall Regional Sector Leader and Regional Leader in the Diversified category.
CPI Property Group is a family-owned company founded in the Czech Republic more than 30 years ago. We are experts in owning and managing income-generating real estate. CPIPG owns a property portfolio valued at nearly €12 billion, focused on the Czech Republic, Berlin, Poland and the CEE region. More than half of the portfolio consists of offices in key central European capital cities of Berlin, Prague, and Warsaw where we hold leading positions. With more than 340 commercial properties, over 4,000 international and local tenants, and exposure to multiple geographies and property segments, CPIPG's portfolio is large and well-diversified.