The transaction represents a total of 37,200 m² of leased space.
The company FAST ČR, a.s., one of the largest suppliers of white goods and other electrical products in Central Europe, has taken a new five year lease of its existing 25,300 m² premises and an additional 11,900 m² of logistics space at Ricany Trading Estate in Ricany u Prahy.
Aviva Investors is the Fund Manager of CEIF and Valad is the Asset Manager to the Fund.
Matt Bann, Valad’s Head of Central and Eastern Europe, commented, “This is a great example of why experienced localised asset management is so important – working with local advisors and occupiers to get the best property solution for all concerned. We are committed to the CEE because we see real long term value there. Our four offices in the region are part of our pan-European platform of 20 offices in 12 countries, all staffed by local experts, which makes Valad one of the largest real estate investment management platforms in Europe.”
David Svoboda, the Head of the Property Management Department at the Prague office of DTZ, said, “The transaction realised with FAST CR clearly points to the fact that the activities of the lessor do not end when the lease contract is signed with the tenant. Active cooperation between lessor and lessee and technical support during the administration of the real estate is also essential so that the client can concentrate on its core business. In older facilities, such as this one in Ricany, this is a precondition given the high degree of competition with other modern facilities.“
Martin Šumera, the Industrial Agent at the Prague office of DTZ, added, “The conclusion of this lease contract is one of the most significant transactions of the recent period. Valad has managed to be successful amid the high degree of competition with modern facilities in the environs which have significant amounts of free space on offer under very attractive condition.”