GARBE sells Green Park Piešťany to Patria investiční společnost

GARBE Industrial Real Estate CEE has completed the sale of GARBE Green Park Piešt’any in Slovakia. The buyer is Patria investiční společnost, a.s., the part of ČSOB. The 28,000 sqm industrial park is described as an attractive acquisition because it is fully leased, and unique in Central Europe in sustainability and carbon neutrality. After the sale, GARBE will remain the property manager. The value of the transaction was not published.

“We entered the Central and Eastern European markets four years ago. We have built several industrial parks that meet high technical requirements and sustainability certifications. Their attractiveness is underlined by the interest of tenants who appreciate the location and quality of our projects. After a three-year development cycle, it is reasonable that GARBE has reached the phase when it offers its first projects for sale to investors, not only in Slovakia but also in the Czech Republic and Poland,” says Martin Polák, Managing Director Central & Eastern Europe at GARBE Industrial Real Estate GmbH.

Nina Kozáková, Chairman of the Board of Patria investiční společnost, commented on the transaction: “We are pleased that the development of GARBE Industrial Real Estate Group is the first asset in our new fund. The attractive location, excellent tenants, long lease contracts and the developer’s responsible approach to sustainability and quality are in line with our investment strategy.”

GARBE Green Park Piešt’any was the company’s flagship sustainability project in the CEE region. Thanks to its equipment, the park is carbon-neutral, it does not use gas for its operation, it is equipped with photovoltaic panels and water is recycled directly in the park, which is pumped from its well. The building is equipped with heat pumps and the site retains meadows and native woodland. GARBE Green Park Piešťany is located 300 metres from the highway exit to Piešťany, 80 kilometres from Bratislava, and 110 kilometres from Žilina.

GARBE’s real estate advisors on the sale of GARBE Green Park Piešt’any were Kinstellar and ASB. For Patria, Wilsons provided legal advice, TPA provided financial advice, Gleeds provided technical advice and iO Partners provided valuation.