Business
Re Joint Venture
Re Joint Venture.
About this update from Helical Plc
[{"type":"text","content":"\n RNS Number : 8452U Helical Bar PLC 22 October 2010 \n \n\n22 October 2010\n \nHelical Bar plc (\"Helical Bar\")\nHelical Bar and Thameling Group create JOINT VENTURE to develop Central European logistics properties\n \nHelical 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.\nThe 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. \nThameling 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.\nInternational Property Consultants King Sturge introduced Thameling Group to Helical Bar and advised on the joint venture structure.\n \nMike Slade, Chief Executive of Helical Bar, commented: \n \n\"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.\"\n ...