Redside buys Trencin Industrial Park

SLOVAKIA Czech Fund manager Redside closed Slovakia’s largest industrial transaction of 2018 with the purchase of the Trencin Industrial Park for just under EUR 90 mln.

The deal marks the entrance of Redside in Slovakia

The seller AU Optronics Slovakia, for whom the park was developed in 2010, was represented during the transaction by JLL, while Redside was represented by ASB.

Rudolf Vrestal, the CFO and chairman of the board at Redside stated that: “After an extremely successful build-up of the Subfund I within the Nova Real Estate Fund structure, which is managed by our company, Trencin has become our first acquisition on the Slovak market. For Redside, this is also a first step in the creation of Subfund II, which is focused on CEE industrial and logistics properties. We are pleased to become an owner of such a unique and technologically advanced property as Trencin Industrial Park. This is to be a great flagship property of our new industrial subfund portfolio.”

“We are pleased to have assisted investment company Redside in this unique transaction as its financial and tax advisor. Due to the size and the importance of the deal, the project required not only a high level of technical expertise during the due diligence and a deep knowledge of the real estate market, but also the dedication of our team and our passion for what we do,” says Zuzana Kolarova, the managing director of ASB Slovakia.

“The structured auction of the property resulted in the highest number of bidders that the Slovak real estate market has seen so far and this disposal will have a dramatic impact on industrial yield levels in Slovakia.“ claims Rudolf Nemec a senior investment analyst at JLL.

The 120,000 sqm of industrial park is situated close to the D1 motorway highway near the border with the Czech Republic. Redside manages assets worth over EUR 500 mln.