Central and Eastern European listed logistics development group VGP has signed a preliminary agreement for the sale of an 80% stake in a portfolio of seven logistics parks in the Czech Republic for some EUR 140 mln. The buyer is an unnamed international investor, advised by Cushman & Wakefield.

The sale, which is subject to certain conditions and due diligence, is expected to close within the next six to eight weeks. 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, includes seven logistics parks in the main regional cities of the Czech Republic. They are the VGP Park Liberec I and II, the VGP Park Olomouc, VGP Park Mladá Boleslav, VGP Park Hradec Králové, VGP Park Nýřany in Plzen, as well as a smaller asset in Predlice, near Usti nad Labem.

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 approximately EUR 300 mln. VGP's flagship park in Horni Porcernice, northeast Prague, accounted for 85% of the acquired portfolio.