“Europa Capital’s Westgate Park Rudna, a 90,000 sq. metres logistics project of built and future development in Prague, has been sold to a U.S. based developer. The deal follows the successful completion of a comprehensive refurbishment and leasing of the property to the sports retailer, Sportisimo.
Europa purchased the 32,380 sq. metre vacant property plus 14.5 hectares of development land in Q4 2013, having negotiated a deal with the grocery chain and owner-occupier, Billa. The project was managed by local developer, The Charnwood Company, who oversaw the refurbishment program, secured the leasing of the existing building and successfully re-positioned the project into a Class A industrial park. During this period, permits were secured for the additional 57,000 sq. metres of warehousing.
Robert Martin, Principal and Head of Central Europe at Europa, comments:
“Westgate Park Rudna is representative of Europa’s strategy to acquire fundamentally sound assets in good locations which offer repositioning opportunities through active asset management initiatives such as refurbishment and income generation therefore making them attractive to institutional buyers. The quality of the refurbishment at Westgate Park has transformed a dated building into a modern one, as confirmed by the successful letting to Sportisimo at the end of last year. The local team also carried out a number of other initiatives such as the permitting work which enabled us to successfully sell the project to a well known logistics player.”
Notes to Editors:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 90 transactions totaling some €9.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
The Charnwood Company
The Charnwood Company (www.charnwood.cz) is a Prague based owner, developer, investor and asset manager of institutional real estate. The company maintains a strong local team of qualified professionals with proven experience in commercial real estate in Czech Republic
For further information please contact:
Gordon Simpson/Charlotte Whitley, RLM Finsbury:
+44 20 7251 3801