Helical Bar to finance joint venture in Central Europe

22nd Oct 2010 10:36

Property firm Helical Bar has signed a joint venture with industrial and real estate developer Thameling to develop pre-let warehouse and distribution properties in Central Europe.The joint venture will provide 'build-to-suit' small and medium size units within a park environment, together with larger standalone facilities on sites in Poland, the Czech Republic and Slovakia.The initial spending capacity will be around €50m, with completed assets forward sold to the open market. Thameling will source and develop sites close to major infrastructure hubs and airports while Helical Bar will provide development finance.Mike Slade, chief executive of Helical Bar said, "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," he added.