Hines has named Stewart Thomson its director for the Czech Republic as the company moves to finish up on a deal that’s been in the works for some time. In Poland, Hines has been active for many years investing actively in industrial and residential assets. Thomson says that a similar focus on sheds and beds will guide his search for acquisitions in the Czech Republic.
“Ideally, we’d love to find some last mile logistics properties around Prague, though that’s difficult at the moment,” says Thomson. But the investor’s appetite ranges from income-driven investments to dryer, core opportunities or even development projects – assuming permits were in place of course. He sees the market as extremely hot at the moment, but notes that the strong presence of local capital has removed the peaks and troughs from pricing.
In terms of finding potential projects, Thomson notes that Hines is fully prepared to work together with local groups, as they tend to have excellent contacts and access to deals. “There really does seem to be an entrepreneurial spirit in the way Hines does business,” says Thomson. “There’s a willingness to be flexible, seeking out appropriate levels of return but doing it in a thoughtful way rather than acting like a major, global real estate company that acts like it always knows best.” Hines is actually making a return to the Czech Republic, having been active in the country years ago, with its most notable achievement the Malá Šárka development in Nebušice.
Also in ThePrime