Prologis has announced that Prologis Targeted Europe Logistics Fund (“PTELF”) has acquired M1 Business Park in Hungary from CA Immo and Union Investment.
Renamed Prologis Park Budapest M1, the park comprises five facilities totalling 69,105 sqm. It can accommodate domestic, regional and international customers.
Prologis Park Budapest M1 customers include Daejung, DHL, Kuehne & Nagel, LGI, Metal Hungaria, MT Display and Willi Betz.
The park is situated on the western corridor of Budapest, 23 kilometres west of the city centre, and has direct access to the M1 motorway, connecting Budapest to Győr (Hungary), Bratislava (Slovakia) and Vienna (Austria).
“This transaction follows the 390,000 sqm of acquisitions we completed last year in Central and Eastern Europe, all of which were below replacement costs,” said Ben Bannatyne, managing director, Prologis Central
and Eastern Europe. “Located on the main western trade route to Budapest, Prologis Park Budapest M1 complements our existing portfolio. Location is a key decision for our customers, and we are now able to expand our offering with an additional distribution park in the core Hungarian market.”
JLL real estate advisory company represented Prologis in the transaction.