Valad secures four tenants in Czech Republic Date: 24 September 2010 | Category: Leasing deal
Valad Europe, the pan-European real estate investment manager, in partnership with Aviva Investors, announces that its Czech team has renewed two ten-year leases at the Cestlice Industrial Park in the Czech Republic on behalf of the Central European Industrial Fund (CEIF).
CEIF is asset managed by Valad Europe and fund managed by Aviva Investors through a joint venture which was established in 2005. It invests in multi-let industrial property across Central Europe with a primary focus on Czech Republic, Poland and Hungary.
Steilmann, a clothing retailer based in the Czech Republic with outlets across Central Europe, has renewed their lease on 1,975 m2 of warehouse, office and showroom space at the Park for a further 10 years. Storex FST, a Czech-based car tyre supplier, part-owned by Bridgestone EU, has renewed their lease on 980 m2 of warehouse, office and showroom space, also for a further 10 years.
The Industrial Park has proved popular this year with two other high profile tenants secured. New tenant, Potten & Pannen Stanek Group, an importer and retailer of premium kitchen goods to the Czech Republic, agreed to lease 1,958 m2 of warehouse, showroom and office space for five years, and Fridanair, the Czech operation of Swedish group Beijer Ref, an international refrigeration group, agreed to a new lease for 378 sq m of warehouse and office accommodation for three years.
Valad has let over 43,000 m2 of space in the Czech Republic so far this year in both lease renewals and new lettings. Included in this was one of the country�s largest transactions this year - a five year lease renewal and part new letting of 37,000 sq m of office, retail, warehouse and associated handling space at the CEIF owned, Ricany Trading Estate, Czech Republic, to leading white goods and electrical products supplier, FAST CR.
In the year to end-June 2010, Valad's European asset management team leased over one million m2 of space across Europe, through 1,500 transactions, averaging 30 leases signed per week and six leases signed per day.
DTZ Czech Republic advised Valad Europe on the transactions with Steilmann and Storex FST, while CB Richard Ellis advised on the transactions with Potten & Pannen Stanek Group and Fridanair.
more info from http://www.propertyeu.info/index-archive/valad-secures-four-tenants-in-czech-republic-for-its-central-european-industrial-fund/default.asp?page=1
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