Two European portfolios sell for $1.2b
Two separate portfolio acquisitions were completed at the end of 2014, totaling €1.02 billion ($1.21 billion) in sales price.
The largest portfolio sold for €546.54 million ($651.4 million) and contains 6.92 million square feet of 58 warehouses plus land offering located majority in the Czech Republic. The buyer was PointPark, a Pan-European logistics joint venture between TPG Capital and Ivanhoé Cambridge. The sellers were Tristan Capital and VGP Group, which are selling on behalf of two funds. The deal was announced in August.
The largest property of the portfolio is the 3.71 million-square-foot VGP Park Horni Pocernice in Prague, which sold for €306.16 million ($364.9 million). The second-largest is the 746,731-square-foot VGP Park Liberec, which sold for €55.29 million ($65.9 million).
The acquisition was part of PointPark’s expansion of its Pan-European logistics platform.
The balance of the acquired port