拢13.1m deal creates immediate presence in Poland, Czech Republic and Hungary.
Slough Estates International has bought Grontmij Real Estate International - the Central European property development arm of international engineering firm Grontmij - for 拢13.1m. The acquisition gives SEI an immediate presence in Poland, the Czech Republic and Hungary with teams in place and sites ready to develop. It also now has the right of first refusal on further sites in Hungary and Italy.
Slough Estates's chief executive Ian Coull said: "This acquisition further moves forward the implementation of our strategy of expansion into Continental Europe, continuing with a clear focus on the core sectors of logistics, light industrial and suburban office."
Slough Estates already has business parks in Western Europe and North America, and in its interim results this year reported an increase in developments in Europe, with almost 70,000 m2 of development either completed or under construction during the first half of 2005.
Simon Hollins, who is currently Slough Estates' head of European development, will take charge of the new Central European Division, relocating in the first instance to Maastricht, the existing headquarters of GREI.
