Sale of the Daylight Real Estate Portfolio is the Biggest Transaction in History of the Group
A real estate fund administered by AXA Real Estate Investment Managers has become a financial partner for five real estate projects of J&T GLOBAL. With the contract value of almost EUR 250 million, this is the biggest transaction in the history of the J&T Group, the second biggest real estate deal in Slovakia ever and the sale of the biggest industrial park portfolio in Central Europe.
The contract concerns the sale of the already built parts of industrial parks in Trnava, Devínska Nová Ves, Nitra and Dubnica, sale of the Westend Tower administrative building and a partnership in the further development of these industrial parks.
In the first stage, AXA bought the Westend Tower building and four industrial sites. The value of this part of the contract approximately amounts to EUR 80 million (SKK 3 billion ). The new owner will obtain assets that already yield revenues from rental agreements made for seven years in most cases. A major part of the contract value rests in the gradual acquisition of additional industrial-logistics buildings after completion of construction works and their rental to business clients. The plan intends to take up additional industrial zones within three years.
"This contract has a particular importance for the Group. Entering into partnership with a organisation like the AXA GROUP is a recognition of the accomplishments we have achieved in real estate development in the past years. We are pleased to see that the revenue we were able to ensure for the Group's clients who contributed to this investment is proof of the high expertise of the Group to evaluate and create investment opportunities," explains Peter Korbačka, a partner in the J&T Group and chairman of board of directors in J&T GLOBAL, a.s.
In Trnava industrial park, 4.4 ha of the area is currently rented for logistics halls and this area will be extended to 18.6 ha within two years. In Devínska Nová Ves industrial park, 1.3 ha of the area is rented for logistics halls and this area should be extended to 8.6 ha of the rented area within two years. In Nitra, the current 1.4 ha of the rented area for logistics hall is expected to be extended to 2.8 ha of the rented area within two years. IIG, a Belgian group, is the exclusive partner J&T in the field of logistics and industrial parks.
AXA REIM, a 100% subsidiary of AXA IM GROUP, is an expert in real estate investments in Europe, administering total assets of more than €28 billion. AXA REIM has a wide network of more than 380 real estate professionals operating in nine countries. With this network, it is one of the biggest and most diversified administrators of real estate investments, including professional project administration in a wide range of real estate assets.