On December 22, 2021, CBRE announced it had advised Concens Investments and J&T on the sale of 5 logistics halls located in two logistics parks in Ostrava – Logistics Park Nosovice and Ostrava Airport Multimodal Park in Mosnov – to EQT Exeter.
According to CBRE, the portfolio consists of 140,000 square meters of brand-new A-class logistics premises and the overall transaction value was approximately EUR 150 million.
The transaction included three brand-new A-class logistics halls forming Logistics Park Nosovice with a total GLA of 64,000 square meters. The park is fully leased to the logistics company Hyundai Glovis, which is servicing the adjacent production plant Hyundai Motor. The other two halls – part of Ostrava Airport Multimodal Park in Mosnov – offer 77,000 square meters of grade A logistics facilities. The halls are also fully leased to Continental Barum, DHL, Hyundai Glovis, M.K. Invest, Rhenus Logistics, Skladon, and UFI Filters, among others.
“This deal proves that J&T together with Consens Investments can deliver first-class investment products as well as unlock unknown locations and attract really great blue-chip tenants,“ commented J&T IB Capital Project Manager Daniel Kollar.
“We have registered unprecedented interest from investors for quality industrial and logistics assets in good locations leased to strong covenants,” added CBRE Czech Republic Head of Investment Properties Katarína Brydone. “This transaction was no exception. The demand is driven by strong take-up in all the regions, unprecedented low vacancy rates, currently below 2.5%, recorded rental growth, and very strong future prospects driven by e-commerce growth and changing needs in supply chain management. The I&L market in the Czech Republic is growing at approximately 10% every year and has more than doubled in size during the last 10 years, reaching 9.5 million square meters. Despite that, the demand has exceeded the supply, with approximately 3 million square meters leased in less than 3 years. On the other hand, in spite of a sharp decline in yields, there is still an attractive premium for Czech prime products with yields currently standing at 4.25%, which is 95% higher than in neighboring Germany. We are pleased that we were able to achieve new record yields for the Ostrava region with this transaction.”