Dubnica Industrial Park sold to ČS nemovitostní fond

The REICO-managed real estate fund ČS nemovitostní fond has acquired Dubnica Industrial Park located near Dubnica nad Vahom in Slovakia for a reported €38.9m. The tire manufacturer Continental is the biggest tenant in the park, occupying more than half of the total space (89,400 sqm) on offer. Other tenants include Kuehne + Nagel, Lidl and Heineken. Dubnica Industrial Park was built in 2016 by Goldbeck for the developer SEE RE One, part of the Invest4SEE group that sold the park to REICO. Invest4SEE was represented by CBRE and Konečná & Zacha Law Firm, while REICO was advised by JLL and Wilsons.

“The acquisition of this newly built logistics asset and a long term commitment of Continental to the location means that our fund should benefit from significant income return with excellent covenant strength for a very long period combined with high capital value preservation potential,” said Tomáš Jandík, REICO’s Chief Investment Officer.

"During the last 24 months industrial sector has taken the lead in the Slovak investment market," said JLL's country manager Peter Nitschneider. "Almost 45 percent of the volume transacted was allocated into logistic and production properties. This transaction confirms, that good quality product with strong covenant located in growing and establishing logistic location, is currently highly demanded and liquid."

"We are glad that we managed to find a significant investor for our client in form of a Czech real estate fund. Foreign investors are still seeing great potential for appreciation of their investments in this commercial real estate sector," said Marián Mlynárik, Head of Investment Properties at CBRE.