Progresus launches cooperation with GARBE and Halcyon in the field of industrial real estate
"We are pleased to announce our first joint project with Progresus and Halcyon," says Martin Stratov, Business Development Director of GARBE Czech Republic and Slovakia, adding: "Our family of industrial sites will grow with the addition of a second site in Northwest Bohemia - GARBE Park Chomutov II. This development project will of course meet our highest standards in terms of quality, sustainability and customer service." GARBE Park Chomutov II will build on the existing GARBE Park Chomutov industrial zone in Chomutov with a total gross lettable area (GLA) of 30,000 sqm. The new development project in the Verne industrial zone near Klášterec nad Ohří will increase the current area by an additional 20,815 sqm.
Role of partners
The majority of the project financing is provided by Progresus Group through a combination of several sources, primarily equity and loan financing. For other planned projects, the Group will use its own equity, loan financing, qualified investor funds and co-investors. Halcyon Capital Partners is the project partner, advisor and co-arranger of the transaction. The developer and co-investor of the entire project is GARBE Industrial Real Estate from Germany.
Progresus Group enters the big business of industrial real estate
"More than six months of negotiations were successful. On behalf of the Progresus Group, I can announce the beginning of a long-term partnership with GARBE, a leading international company, with whom we will be working on the development of logistics real estate in the Czech Republic in the coming years," says Lukáš Zrůst, co-owner of the Progresus Investment Group. "Like us, Garbe places great emphasis on longevity and ESG, and we do not have to compromise our high standards even when the group enters the world of industrial real estate. As part of the diversification of the group's activities, logistics real estate represents a very interesting segment in a market with limited supply and extremely high demand and a great opportunity in which we plan to invest in the coming years. Work on the first project will start in the first months of next year and the construction will be completed in 2023. To avoid logical questions from the media, we will announce the specific tenant at GARBE Park Chomutov II in the first quarter of next year," adds Zrůst.
Industrial properties located near the German border have long been in high demand. The Verne zone in Klášterec nad Ohří benefits from the available skilled workforce, Czech-German trade and its location. GARBE Park Chomutov II will be built specifically in the vicinity of the main routes of the R13 road and the D7 motorway leading directly to Germany. This makes the location suitable for international companies, which have easy access to a number of key European markets.
"We are delighted to have been able to organise this joint venture with the dynamic Progresus Group, ourselves and the established and respected European developer GARBE. Thanks to the excellent cooperation, we have very quickly completed the first acquisition of land in Klášterec nad Ohří and we are ready to start building. Moreover, the organisation of the first local equity partnership for GARBE in the CEE market shows our ability to work with leading international and local partners and we can continue to expand our portfolio of projects in the logistics and light industry sector on a joint journey with Progresus and Garbe. Last but not least, we really appreciate the really hard work of all the other advisors, partners and counterparties in this first joint transaction," concludes Radek Kučera, founder and partner at Halcyon Capital Partners.
GARBE Industrial Real Estate
Is a major real estate development group specializing in logistics and industrial real estate in Europe. It is based in Hamburg and has been successfully operating on the market for 25 years. During this time it has become a key partner for companies providing services within the transport, logistics and manufacturing industries. GARBE Industrial Real Estate's logistics portfolio consists of more than 5.3 million sqm in 194 development projects, in 6 countries, and manages assets of its own capital and its partner investors worth more than 10 billion euros. GARBE Industrial Real Estate is a subsidiary of the family-owned real estate company GARBE, founded in 1965 by Mr. Bernhard Garbe.
Progresus Invest Holding
Progresus Invest Holding was founded by Lukáš Zrůst and Lukáš Foral in 2021 with the aim of developing the potential of companies and creating projects that benefit society and the environment. The most important area of the group's business is real estate development. The group draws on the know-how and experience of the successful RD Rýmařov company, which has been the largest Czech manufacturer of wooden buildings for 50 years and has been home to over 100,000 people. With a turnover exceeding CZK 1.5 billion per year and more than 600 employees, the group has significant development plans and investments ahead of it. It is now entering the field of service development within the logistics and manufacturing industry.
Halcyon Capital Partners
Halcyon has specialised in real estate investment and financing since its founding in 2020 and its team has historically been involved in transactions in excess of €2 billion. The firm has a portfolio of approximately €150 million with other developers. As counsel, it represents both private regional and international institutional investors. It is the fundraising partner for several leading real estate developers in Central and Eastern Europe.