CTP Invest launches new Czech property fund

...Property, with a portfolio worth nearly 1 billion euros ($1.36 billion).

CTP Invest said in a statement the new fund will have 88 high quality properties valued at 903.7 million euros, with an annualised rent of 59.8 million euros and a gross annual yield of 6.7 percent.

CTP Invest is one of the biggest industrial property developers in the Czech Repulic, where it owns and operates 22 industrial parks.

In February it purchased a television plant from Multidisplays, formerly LG Philips Displays, for 40 million euros in the eastern part of the country. CTP plans to invest another 5 million euros in the site to turn it into an industrial zone.