Panattoni Europe in partnership with NBGI, signed a long-term lease agreement for the construction of a built-to-suit facility, at Pilsen Park West, with one of the largest and most respected suppliers to the automotive industry, French group FAURECIA. In addition, NBGI Private Equity Limited has acquired Pilsen Park West from Kajima Estates Europe Limited.
The investment transaction includes the acquisition of an existing 24,000 sqm logistics facility leased to Trost Auto Service Technik and approximately 20 ha of land for further industrial and logistics development. DTZ managed the sales process on behalf of Kajima. The purchase price was not disclosed.
For the third time in the past three years Faurecia chose Panattoni Europe as the developer of their new factory. The investment is under construction by Kajima Czech Design and Construction and will comprise 25,000 sqm of manufacturing and warehouse space which will be used to produce car seats for several customers of Faurecia.
James Huckle of NBGI commented " NBGI's strategy is to acquire prime logistics properties with first class tenants in place, delivering long-term, sustainable value. Pilsen Park West is a good addition to our existing CEE portfolio and will also further develop our very successful cooperation with Panattoni in the CEE Region."
Panattoni's managing director Pavel Sovicka adds " the future development opportunities at the site make this a great addition to our Czech and CEE portfolio; which has already been proved by attracting Faurecia throughout the acquisition process. It will add another strategic site to Panattoni's market leading offering, providing our customers with a multitude of strategically located properties to select from for their operations."
Kajima Estates Europe's representative Hiroaki Iizawa stated " in the Czech Republic Kajima is primarily a general contractor and having sold Pilsen Park West to NBGI and Panattoni, I consider this to be an acknowledgment of the high quality work executed by the Kajima team, delivering and exceeding market standards, which are sought after by leading international industrial investors."
Ryan Wray Director of Capital Markets at DTZ added " this is another sign of the Czech Industrial and Logistics market's strength despite depressed investment volumes and difficult economic conditions across Europe throughout 2012. Strategically located, flexibly designed and fully leased whilst offering excellent long-term growth opportunities to the incoming landlord, the transaction secured significant levels of interest from both domestic and international investors."