Immofinanz Sells Warsaw, Prague Logistics Facilities
- Aug 06, 2014
By Balazs Szekely, Associate Editor
Bokserska Distribution Park in Warsaw and Westpoint Distribution Park in Prague sold above book value to Czech and British private investors, respectively, for a total of $44.4 million. UK & European Investments acquired the Warsaw property, while the one in Prague was picked up by the Central Group.
The seller, Immofinanz Group, is active in the development, management and cycle-optimized sale of sustainable and specially designed properties in premium locations in Austria, the Czech Republic, Germany, Hungary, Poland, Romania, Russia and Slovakia. Since its founding in 1990, the company has compiled a high-quality property portfolio with a carrying amount of approximately $9.9 billion.
Located in Warsaw’s southern district of Mokotów, Bokserska Distribution Park is strategically situated between the city center and the airport. The logistically cost-effective area near two of the main east-west arterial roads of southern Warsaw also includes office and post-industrial residential developments. Constructed in 2001, the building boasts more than 188,000 square feet of space and was fully rented at the time of the transaction.
Built in the 1970s, the five main buildings at Westpoint Distribution Park in Prague have around 668,000 square feet of total warehouse, office and external space. Two of the larger logistics buildings are rented to multiple tenants; the three smaller ones are used by single tenants. The site benefits from two railway sidings with platforms, providing on-site rail distribution facilities linked to the national network. At approximately six miles west of the city center, its location also allows for a good connection to the airport, as well as the nearby traffic arteries.
Immofinanz Group intends to focus on the retail and office markets of Poland and the Czech Republic in the future and plans to exit the logistics sector in the two countries, CEO Eduard Zehetner said in a recent written announcement. “Our focus for the development of logistics properties lies on the core markets of Germany, Romania and Russia,” he added. The company’s logistics portfolio includes two more Poland facilities, one in Warsaw just a few miles from Bokserska and one near the city of Częstochowa.