GARBE Industrial Real Estate Czech Republic, which is part of GARBE Industrial, together with its joint venture partner Progresus, has sold the logistics property GARBE Progresus Park Klášterec I in the Czech Republic to the investment fund Generali Fond Realit. The fund is managed by Generali Investments CEE and advised by Generali Real Estate. The property is located in the Ústí nad Labem region between Chomutov and Klášterec nad Ohří and comprises around 18,500 square metres of rental space. The property is certified according to the BREEAM standard “very good” and is fully let. The anchor tenant is ISOLATE, a German manufacturer of technical insulation materials and high-temperature insulation.
“A central goal of GARBE is to develop logistics parks that will convince both tenants and investors in the long term. GARBE Park Klášterec I is a newly built, fully let property and marks our fourth sale in the Czech Republic and Slovakia within the past 18 months. The transaction shows once again that high-quality logistics properties are still in high demand – both in the market as a whole and among institutional investors,” says Martin Polák, Managing Director at GARBE for Central and Eastern Europe.
Lukáš Zrůst, co-founder of Progresus Group, adds: “GARBE Park Klášterec I was our entry into the logistics real estate market. We were convinced of the project from the very beginning. The rapid full occupancy, the smooth construction process and the consistent performance confirmed our decision. The partnership between GARBE and Progresus continuously produces properties that hold their own against the competition. The transaction with Generali Fonds Realit – a renowned investment fund with a strong European presence – underlines this once again.”
“We are pleased to be able to add our first logistics property in the Czech Republic to the Generali portfolio with this property. The Czech market remains of strategic importance for us,” says Ramon Spoladore, Head of CEE and Nordics Region at Generali Real Estate.
GARBE and Progresus were represented by the law firm CMS. Grafton Property Partners acted as acquisition advisor, TPA provided tax and financial advice. Clifford Chance provided legal advice to Generali Real Estate. Tax and financial advice was provided by ASB, the technical due diligence by Grinity.
