European fund manager Tristan Capital Partners has confirmed the acquisition of an 80% stake in six logistics parks in the Czech Republic from developer and manager VGP for around EUR 135 mln.

The deal, carried out of behalf of the Curzon Capital Partners III (CCP III) fund, was first reported by PropertyEU in early October.

The six properties are 100% occupied and offer potential to develop an additional 50,000 m2. They include the VGP Park Liberec I and II, the VGP Park Olomouc, VGP Park Mladá Boleslav, VGP Park Hradec Králové, VGP Park Nýřany in Plzen. VGP will retain a 20% interest in the portfolio and will continue to manage the assets.

'This is the latest in a solid pipeline of deals we have lined up for the CCP III value added/core plus strategy,' said Ric Lewis, CEO of Tristan Capital Partners. 'We are already investing for the fund even though we are still raising additional capital for this strategy.'

Tristan signed a preliminary agreement on the portfolio in June.

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 was advised by Cushman & Wakefield. Jones Lang LaSalle acted for the seller.