Prologis Acquires M1 Business Park in Hungary
Prologis Targeted Europe Logistics Fund (“PTELF”) acquired the M1 Business Park near Budapest, from CA Immo and Union Investment, Prologis reported yesterday.
The portion of the complex, now known as Prologis Park Budapest M1, includes five facilities with a total area of 69,105 sqm, Prologis said. The space is also said to provide office space for domestic, regional and international customers including Daejung, DHL, Kuehne & Nagel, LGI, Metál Hungária, MT Display and Willi Betz.
The park is located 23 kilometers from the capital with direct access to the M1 motorway, which connects Budapest to Győr (in northeastern Hungary), Bratislava, Slovakia and Vienna, Austria.
“This transaction follows the 390,000 sqm of acquisitions we completed last year in Central and Eastern Europe, all of which were below replacement cost,” said Ben Bannatyne, managing director of Prologis Central and Eastern Europe. “Located on the main western trade route to Budapest, Prologis Park Budapest M1 complements our existing portfolio. Location is a key decision for our customers, and we are now able to expand our offering with an additional distribution park in the core Hungarian market.”
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