Clifford Chance has advised the Cromwell Property Group on its entrance into a strategic partnership with Linkcity to invest in the roll-out of a portfolio of logistics and light industrial assets in Central and Eastern Europe. Linkcity was advised by Wilsons.
According to Clifford Chance, the portfolio targets an eventual gross asset value of EUR 500 million. The assets, representing more than 25 percent of the portfolio (by value), have already been identified: the first is an 8,000 square meter logistics building in Hradec Kralove, around 100 kilometers east of Prague. The facility is already 88 percent pre-let and due to be completed in summer 2018.
The larger second and third assets to be part of the portfolio, which cover a combined 180,000 square meters, are currently also seeking pre-let commitments.
Linkcity is a member of Bouygues Construction, a global construction company. 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 was led by Prague Partner Emil Holub with Senior Associate Milan Rakosnik. The team also included London-based Partners Ian Painter and Sandy Hall and Associate Tom Ward and Prague-based Associates Josef Lysonek, Tereza Rehorova, and Ludvik Ruzicka.
The Wilsons team consisted of Partners Bryan Wilson and Robert Danis and Associate Zuzana Bury.