US real estate giant TPG partners with Czech Contera

US real estate company TPG has created a partnership Czech industrial park Contera in order to start investments in Central Europe.

“In forming the venture, we are partnering with a highly experienced and proven local team to pursue opportunities in a region and sector that continue to experience strong growth trends,” commented Michiel Celis of TPG Real Estate Partners. “We look forward to making this a successful, long-term partnership and hope to invest significantly more capital as we source new projects and execute on an exciting pipeline of opportunities.”

The first project will be a 140,000-square metre industrial zone in Ostrava-Hrušov in the Czech Republic. In exchange, TPG has bought assets from Contera worth 90 million euros.

“Our partnership with TPG will allow us to expand significantly and reach strategic scale in the Czech and Slovak markets,” added Dušan Kastl, co-founder and managing director of Contera.