Slough Estates has confirmed its €19.1m (£13.1m) acquisition of Grontmij Real Estate International (GREI), the Central European development arm of engineering firm Grontmij.
Slough said the acquisition would give the group an immediate presence in Poland, the Czech Republic and Hungary with development teams already in place and sites ready to develop.
This completes the first phase of the purchase announced in November 2005.
Slough now owns 195 acres and controls a further 42 acres under short-term
options.
The logistics sites include 150 acres at Strykow near Lodz, a strategic location in Central Poland, 25 acres in Poznan, Western Poland, 39 acres adjacent to Prague airport, and 22 acres on the M1 motorway running west out of Budapest.
Also included is a site for a 172,228 sq ft suburban office development in the Mokotov district of Warsaw.
Slough also has the right of first refusal on two further sites in Italy and Hungary.
Ian Coull, chief executive of Slough Estates, said:
“This acquisition further moves forward the implementation of our strategy of expansion into Continental Europe, continuing with a clear focus on the core sectors of logistics, light industrial and suburban office.”
Simon Hollins – currently Slough Estates’ Head of European Development will take charge of the new Central European Division, relocating in the first instance to Maastricht, the existing headquarters of the GREI team.
References: EGi News 05/01/06
