International law firm CMS has advised Icelandic asset manager Kaupthing on the divestment of a large land bank surrounding the D5 highway near Pilsen to German retail chain Lidl. As a prospective development site, the land could house one of the largest logistics parks in the Czech Republic.
The land, with a total area of more than 1,371,000 sqm, is one of the last few consolidated areas in the Czech Republic designated for the development of a prime logistics park and is strategically located just off the D5 highway between Pilsen and the German border. More than 474,000 sqm of the area can be used for the construction of industrial and logistics space.
Helen Rodwell, CMS partner, commented: “We were delighted to support Kaupthing on this sale. Warehousing and logistics were the only real estate asset class that saw in increase in deal flow and deal value in Central and Eastern Europe in 2020. Spurred by ecommerce, we expect the strong growth in this sector to continue throughout this year. It therefore came as no surprise that there was a healthy appetite for this opportunity.”
The CMS Prague team advising Kaupthing was led by Helen Rodwell and included partner Lukas Hejduk (Real Estate) and associates Tristan O’Connor, Frances Gerrard and Lukas Reichmann (Corporate); Michal Samek (Real Estate); and Hana Ricankova (Banking & Finance).