Clifford Chance has advised Cromwell Property Group, a real estate investor and manager, on its strategic partnership with Linkcity, a member of Bouygues Construction, a global construction company, to invest in the rollout of a portfolio of logistics and light industrial assets in Central and Eastern Europe.
The portfolio is targeting an eventual gross asset value of €500 million and assets representing more than 25 per cent of the portfolio (by value) have already been identified. The first asset is an 8,000 sqm logistics building, located in Hradec Králové, just over 100 kilometres east of Prague, in the Czech Republic. The facility is already 88 per cent pre-let and due to complete in Q3 2018.
The larger second and third assets to be part of the portfolio, covering a combined 180,000 sq m, are currently also seeking pre-let commitments.
Bouygues affiliate companies, Linkcity and VCES, will be responsible for the project development, design and construction of the portfolio, while Cromwell will source investment funding and subsequently provide asset management services upon the completion of each project.
The Clifford Chance team advising on the transaction was led by the Prague office's head of real estate Emil Holub with senior associate Milan Rákosník acting as executive lawyer. The team further comprised of London-based partners Ian Painter and Sandy Hall, and associate Tom Ward, and Prague-based associates Josef Lysoněk, Tereza Řehořová, and Ludvík Růžička.