Last checked at 22 Oct 2010 09:00
22 October 2010
Helical Bar plc ("Helical Bar")
Helical Bar and Thameling Group create JOINT VENTURE to develop Central European logistics properties
Helical Bar and Thameling Group announce the creation of a joint venture (the "JV") to develop pre-let warehouse and distribution properties in Central Europe. The joint venture will focus on strategic sites in Poland, the Czech Republic and Slovakia. Thameling Group will source and develop sites close to major road infrastructure hubs and airports, with Helical Bar providing development finance alongside senior bank finance. The JV's initial spending capacity will be circa €50 million. Completed assets are expected to be forward sold to the open market.
The joint venture aims to take advantage of the opportunities presented by the decline of land and construction costs in the region. It will provide build-to-suit small and medium size units up to 10,000 sqm within a park environment, together with larger standalone facilities.
Thameling Group co-founding partners Hans van Luijken and Piotr Michalski, formerly joint managing directors of Parkridge CE Developments and Prologis, have a strong track record in the sector. Over the last decade, they have developed, leased and delivered over 1.3 million sqm of warehouse and industrial accommodation and built a land bank of 680 hectares with a development potential of 2.7 million sqm.
International Property Consultants King Sturge introduced Thameling Group to Helical Bar and advised on the joint venture structure.
Mike Slade, Chief Executive of Helical Bar, commented:
"Helical Bar has already established a strong track record of investment and development in Poland through its retail joint venture, Helical Poland, and we are extremely excited to be expanding further our presence in the region through another specialist joint venture. We are delighted to have teamed up with Thameling, whose expertise and knowledge of the warehouse and distribution market in Central and Eastern Europe is unrivalled. In a market starved of quality institutional product, now is the time to be working up major development opportunities that will deliver strong risk adjusted returns to our shareholders."
Hans van Luijken, co-founder of Thameling Group, said:
"Our track record of developing and investing in core industrial locations through Europe will be particularly valuable as the economy begins to improve. Helical Bar will play a decisive role in the growth of the joint venture and we are confident that we will be able to procure significant and value creating development deals over the coming years."
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For further information, please contact:
Helical Bar Mike Slade / Gerald Kaye Tel: +44 (0)20 7629 0113 | Financial Dynamics Stephanie Highett / Dido Laurimore / Laurence Jones Tel: +44 (0)20 7831 3113 |
Thameling Group Hans van Luijken Tel: +48 601 660 661 Alan Stainforth Tel: +44 (0) 7801 455 509
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For further information please contact:
Philip Marsden, Partner, Investment +44 (0) 20 7087 5390
philip.marsden@kingsturge.com +44 (0) 7703 234 252
Matthew Connor, Partner, Investment +44 (0) 20 7087 5141
matthew.connor@kingsturge.com +44 (0) 7968 918 804
Richard Stacey, Senior Surveyor, Investment +44(0) 20 7087 5152
richard.stacey@kingsturge.com +44(0) 7816 340 727
Régis Jacquemin, Corporate Communications Manager +44 (0) 20 7087 5120
regis.jacquemin@kingsturge.com +44 (0) 7791 019 341