GLP announced the development of a 94,000 sqm build-to-suit logistics and production park in Ostrava last week. The development comprises four units in total – two of 29,000 sqm and two of 18,000 sqm.
The build-to-suit warehouses will be designed to maximise storage space with a clear height of up to 17.4 metres. The units will also feature roof-net sprinkler systems, additional skylights in the loading zone to enhance the natural lighting, a smart meter system, 108 electric dock doors (one per 850 sqm), 12 electric drive-in doors (one per 5,000 sqm), as well as extensive parking areas.
The development is located in Ostrava, in close proximity to the D1 highway which connects the Czech Republic’s two largest cities, Prague and Brno, with Poland. Terminal Ostrava is also nearby, enabling access to Šenov and the international railway network. Ostrava is an ideal location for the development since it offers convenient access to a large labour pool and can be reached via the city‘s public transport network, with the main Ostrava train station located approximately two kilometres from the site.
GLP has many years of global and local experience in the development of brownfield sites and will carry out extensive revitalisation and decontamination works prior to the development on the Ostrava site, which was previously a chemical plant.
“In developing this new logistics centre we are extremely pleased to be able to restore previously unusable land and make it safe for occupation benefitting our customers, potential customers and the people of Ostrava. The project illustrates our growth ambitions in the Czech Republic as we progress with our extensive development program in Central and Eastern Europe. We are confident that this development will be in high-demand due to its excellent transport links and high-quality specifications. On top of this, customers will benefit from a completely tailored design adapted to their specific logistics needs, given the flexibility offered through the design and building height,” Jan Palek, Country Manager for the Czech Republic and Slovakia at GLP said.
€1.1 billion of equity commitments
On 29 September GLP announced the first close of its newly established pan-European logistics fund, GLP Europe Income Partners II (GLP EIP II), with €1.1 billion of equity commitments. The investors in GLP EIP II comprise both new and existing global institutional investor partners.
GLP EIP II is seeded with a prime pan-European logistics real estate portfolio of income-producing assets, largely sourced off-market, and totalling 1.9 million sqm across 25 established logistics locations in nine countries. With an average age of less than five years, the seed assets have superior specifications and benefit from a weighted average unexpired lease term of nearly seven years. The portfolio has performed exceptionally well throughout 2020, with nearly 100,000 sqm of new leasing growing occupancy to over 97 percent. GLP EIP II will continue to acquire logistics assets across Europe’s prime locations while delivering superior risk-adjusted returns for investors.
