Dentons real estate team acted as legal counsel to AEW Europe on the acquisition of a 255,000 sqm logistics development in Prague from Panattoni Europe. The transaction value was €150 million.
AEW Europe, through its LOGISTIS Fund and in cooperation with Panattoni, will develop a 125,000 sqm standalone warehouse facility in the district of Dobrovíz, near Prague. Set to be completed during this summer, it is already fully pre-let to Amazon and will serve as a new location in Amazon’s European Fulfilment Network.
The remaining 130,000 sqm consists of a logistics development comprising seven Grade A assets. Four of the assets totaling 102,000 sqm will be built to let as multitenant units, while the remainder will be developed for the owner occupier market.
Dentons’ team was led by Stewart M. Middleman, Head of CEE Real Estate, and included Michal Hink, Co-Head of Prague Real Estate and Counsels Jana Matisková and Markéta Tvrdá who were supported by various associates.
Stewart Middleman commented: “Last year the property market witnessed multiple significant strategic investment transactions in the logistics sector across Central and Eastern Europe, with single country and cross-border acquisitions and sales. We are pleased to have assisted AEW Europe on this project which affirms that the positive trend in the industrial sector continues.”