Since 2017, GRIDARCH (formerly Concens Investments) has delivered approximately 590,000 sq m of warehouse and production premises of the highest specifications to the Czech industrial market and has implemented transactions worth several billion crowns in total.
When it comes to their industrial projects, the company selects premium locations with excellent connections to key transport infrastructure, especially the motorway network, railway corridors and in some cases even air connections. This provides a top-notch facility for the operation of logistics, manufacturing and retail companies. Tomáš Novotný, CEO of GRIDARCH, revealed more.
Can you briefly introduce the company?
GRIDARCH was established this February by rebranding Concens Investments, which has been in the market since 2017. It focused primarily on the development and construction of industrial areas in the Ostrava Region. The pilot project is located in Ostrava-Mošnov, where we purchased land from the Statutory City of Ostrava and the Moravian-Silesian Region. We currently own over 1 million sq m in Mošnov, of which approximately one half is now developed and we have another 157 000 sq m prepared for construction. The second kick-off project was the logistics centre in Nošovice situated next to the Hyundai factory. The development of both of these projects was commenced by Concens Investments, and although they have already been partially sold to the multinational fund Exeter, GRIDARCH is still working on them. Last autumn, we contracted the construction of the BMW logistics centre, which represents, with its 120 000 sq m, the next phase of the development of our Ostrava Airport Multimodal Park (OAMP) project. We are also expanding in other regions of the Czech Republic, and our goal is to acquire at least two more locations this year.
Every change should be for the better. What is your vision after establishing GRIDARCH?
The GRIDARCH brand presents us as a developer of premium industrial areas, where OAMP in Mošnov is one of them. We are further developing this area and wanted to clearly communicate GRIDARCH’s expansion strategy, where OAMP has become one of the projects in our portfolio and our company continues growing with the planned expansion. From two people, we have become five, and in March this year we moved to new offices in the centre of Prague. And our vision under the GRIDARCH brand is further growth and expansion of our portfolio.
What land or opportunities are you looking for?
Larger projects, generally from 20 ha and above, located near motorways in the vicinity of Brno or Prague. We are also looking at smaller projects that can represent a kind of a one-time event for us, such as Built-to-Own (BTO) projects, but only if it is financially interesting for us. Return is of primary importance at the moment. We are a company that operates with Czech capital, and that is the alpha and omega of our business. This also determines our expectations regarding the return on investment. The decision whether to go into projects or not is 100% guided by the economy and revenues. And this works better in the case of larger projects. Investment in industrial parks involves construction of infrastructure, permits, etc. Projects then run for some time and the investment is not directly proportional to the size, because even small projects require a higher initial investment. That is why we are more interested in larger strategic projects.
Are you also looking at opportunities abroad?
The idea of being active abroad does not resonate with us at the moment. We want to have our projects under control and the attempts to go to Poland or Slovakia always end up depending on the team there, how close one is to his projects and how well one can manage them. But we want to have an overview of our investments, which is why we focus on the domestic market for now. From the economic point of view, the Middle East is quite interesting, but these are just initial thoughts for now.
What is the current situation in the market? According to analyses, the vacancy rate is around 4%, rents remain stable…
In my opinion, this number is somewhat misleading, and I will explain why. Even real estate agents have started to quote the vacancy rate in the shell and core phase, which means that many developers are supplying vacant buildings that are in the shell and core construction phase prior to their completion. Previously, these buildings were not included among completed buildings, which is why the vacancy rate was relatively low. Today, it has risen to some 4%, but if we include vacant premises in the shell and core phase, we get to 6% and 6.5%. This means that there are more vacant premises in the market that can be completed within three to four months than the figures for average vacancy say.
What does this mean?
I think that the market is relatively healthy, there is competition, and rents, that are slowly starting to fall from their heights to normal levels, have been stabilized. Of course, this may not be entirely favourable for us as developers, but on the other hand, it brings a suitable environment for business. This means that in Prague, we rarely calculate rents at around EUR 8 sq m/month. It is more likely to be EUR 7 sq m/month or less. We see that there are locations, such as Liberec, that are interesting. Rents have also been stabilized there. Demand is a bit weaker today, which we see as a slight decline, contracts are being confirmed more slowly and some projects are being cancelled. You have to deal with relatively a lot of work with an uncertain outcome. But that is a consequence of the fact that the competitive environment has been stabilized at a certain healthy level.
What role do land prices play in this?
Land prices – whether residential or industrial – are a big question today. In my experience, almost every owner thinks that they are sitting on a golden egg and that they will sell without a building permit for a huge amount of money. During negotiations, it is necessary to explain that the economy is not working the way they would wish. Where I see the fundamental problem in delivering projects to the market is in the fact that the so-called land bank (land supply) is slowly decreasing, and when projects are available, they are either expensive or very complicated.
Do you also operate in Prague?
We have tried to acquire land in and around Prague several times, but we have mostly encountered unrealistic price expectations or unacceptable trading conditions. The owners prefer to sell land without any permits and in the condition, as it is. In a better case, there is a zoning plan. Given the fact that we use private capital, the amount of our equity will not allow a project where we invest in land that is to sit in Prague for, let’s say, five years before the project actually receives a permit. We are able to pay the sellers well for their land, but they need to realize that the land must have the necessary permits, and only this fact will support the price level they demand. Otherwise, their current prices are unrealistic.
Do you rather build speculatively or for a specific client?
We do not engage in purely speculative development. Although this spring, we completed a transaction within our OAMP complex, where we built 110,000 sq m in three halls on a speculative basis, i.e. without a pre-agreed tenant. It was more of an exception, when we decided that the new halls were so well located that we would sell them before completion. Which has really worked out. The premises undergone final building approval this February and while they were still empty, we transferred them to a foreign investor – the multinational fund EQT Exeter – on the basis of a sales contract. This is where their expectations and the need to invest strategically met our ability to deliver a premium project in real time. We bear the risk of permitting and construction, they buy a product that they will lease out themselves. But as I said, it was an exception. It is not that we could build speculatively without a clear exit. We have 85,000 sq m of GLA under building permit in Ostrava. If we get a client for 20,000 sq m, we will consider the possibility of building the same area speculatively. We will take a risk and believe that in eight months, before finishing the construction, we will find another client.
How do you manage projects in Ostrava, for instance?
We have a local team directly on site in Ostrava, but we handle the leasing, financing and supervision of construction projects from Prague. However, we feel at home in Ostrava-Mošnov…
Are tenants the priority for GRIDARCH or are there any other options?
When it comes to Ostrava, we have 85,000 sq m available for immediate development, which is one of the largest halls with a building permit in the Czech Republic. We have currently completed the acquisition of another 500,000 sq m from the Statutory City of Ostrava. We have purchased land and we can build it for private ownership, not just for rental. We are able to finance the construction for private ownership and then hand it over to the client. We currently have several open negotiations for the Mošnov zone. Cooperation with a strong land partner, such as the City of Ostrava, is a model that we can implement in other locations across the Czech Republic, where it will be economically interesting. We are able to send our team there, manage the construction and finance it, which is a certain additional part of the development that we do internally. If we find such a partner, we are ready to start a new development in the given area. It can be a municipality or a private entity that has land that is suitable for development, and ideally also an interest in building and thus enhancing its area, whether they are motivated by the development or private finance.
Arnošt Wagner
Photo: GRIDARCH Archive
Ostrava Airport Multimodal Park in Mošnov
Phase I – completed construction (four halls)
In 2018, GRIDARCH began construction of the OAMP in Ostrava-Mošnov, which today includes 138.000 m² of first-class industrial real estate, which is leased to leading logistics and manufacturing companies. The complex also includes a railway container terminal with an area of 151.000 m². In 2021, part of this complex, together with the production park in Nošovice, was sold to the American real estate investment fund EQT Exeter (now EQT Real Estate).
Phase II – completed construction (four halls)
In the spring of 2024, GRIDARCH began construction of the 2nd phase of the OAMP in Mošnov, which includes 120.000 m² of prime Class A commercial premises. These are four halls for logistics and light manufacturing. The construction was completed in March 2025. The three halls were acquired by the American investor, EQT Real Estate. The fourth hall with an area of 12.000 m² is leased to the international manufacturing company Brose and remains in the ownership of GRIDARCH.
Phase III – commenced construction (three halls)
This includes three new halls, which will be used as a distribution centre by the BMW Group on the basis of a ten-year lease. The construction is expected to be completed in the first quarter of 2026 and the distribution centre should be operational by the end of 2026.
Phase IV – construction in preparation (one hall)
A construction of an industrial hall with and area of 85.000 m², which has a building permit for implementation, is planned for a plot of land with an area of 155.000 m².
The total area of the OAMP complex may exceed 550.000 m² of leasable commercial premises in the coming years.
Source: GRIDARCH, August 2025
