European fund manager Tristan Capital Partners is finalising the purchase of an 80% stake in a portfolio of seven logistics parks in the Czech Republic for some EUR140 mln, well-informed sources have told PropertyEU. The vendor is Central and Eastern European listed logistics development group VGP.

Tristan is understood to have signed a preliminary agreement on the asset in June, with closing expected shortly. VGP will retain a 20% interest in the portfolio and will continue to manage the assets, which offer a number of development opportunities.

The portfolio, held through the VGP CZ II company, consists of seven logistics parks including the VGP Park Liberec I and II, the VGP Park Olomouc, VGP Park Mladá Boleslav, VGP Park Hradec Králové, VGP Park Nýřany in Plzen.

The structure of the transaction parallels VGP's disposal earlier this year of an 80% stake in six industrial parks concentrated in and around Prague to European Property Investors Special Opportunities (EPISO), a fund co-advised by AEW Europe and Tristan Capital Partners. The venture was valued at some EUR 300 mln. The buyer is advised by Cushman & Wakefield. Jones Lang LaSalle continues to advise the seller.