“It is one of the largest real estate transactions in industrial real estate on the Czech market. At the same time, it is the first purely Czech industrial developer to attract US capital, ”said Ferdinand Hlobil, a partner at Cushman & Wakefield, a consultancy that participated in the deal. The transaction includes 120,000 square meters of industrial space. The property for another two billion crowns will keep Conter in his possession.

Tenants in Contery's logistics parks include the Ikea furniture chain, Magna Automotive, Zoot, and Adler.

The joint venture TPG and Contery has already begun planning its first development project. It will build a new industrial zone on 35 hectares in Ostrava-Hrušov. There can be 130 thousand square meters of warehouses and factories. The investment will exceed CZK 2 billion.

Contera was founded in 2009. “After ten years of independent growth, now thanks to a partnership with a strong global investor, we can start a new era of development for our Contera Group,” said Tomáš Jirků, current majority owner of Contera.

TPG Capital is one of the leading global private equity players. Only the real estate part of the company has assets worth almost $ 11 billion.

TPG is not the first time in the Czech Republic. The group co-owned another builder and investor in the P3 logistics and industrial halls. In 2016, she sold one of the largest domestic warehouse owners to Singapore's GIC for € 2.4 billion.

Much of modern industrial real estate has changed owners in recent years. Recently, new warehouses and factories in the Czech Republic have not been traded too much. However, the acquisition of TPG Capital is already the second in the last six months, indicating a change in trend. Last autumn, the German Deka Fund bought three industrial parks for 460 million euros from the CTP real estate group. The store included 430,000 square meters of lettable area.

Source: www.e15.cz