15 March 2021
Clifford Chance advises Cromwell on the acquisition of €113 million logistics portfolio
Clifford Chance Real Estate team advised Cromwell Property Group (Cromwell), real estate investor and manager, that has, on behalf of Cromwell European REIT (CEREIT), completed the acquisition of a portfolio consisting of 11 logistics and light industrial properties in the Czech Republic and Slovakia from ARETE investment group for an aggregate purchase price of €113.2 million.
The portfolio spans more than 125,000 square metres of modern construction logistics and light industrial properties as well as a total of approximately 140,700 sqm of land permitted for development.
The acquisition is one of the largest deals of its type in the region and further grows CEREIT’s €2.3 billion real estate portfolio in Europe, with expanded presence in Central Europe, specifically in the Czech Republic and Slovakia.
The properties are all freehold, almost 100% occupied by 17 mostly logistics tenant-customers and are located in good micro-locations in established business parks with access to major transport links.
The Clifford Chance team was led by Prague Real Estate Partner Emil Holub and Counsel Aneta Disman, supported on Czech-law aspects primarily by Junior Lawyer Ondřej Dolenský and on Slovak-law aspects by Senior Associate Stanislav Holec and Junior Lawyer Daniela Benčová.
“We are very pleased to close this transaction, which is a good fit to CEREIT’s strategy. We are also grateful to the team at Clifford Chance for their dedicated, commercial and innovative approach to it, which was integral to the successful conclusion of this complicated transaction. We look forward to working with them again in the future.” commented Patrick Lowe, Head of Transactions in Cromwell Property Group.