GE Real Estate Central and Eastern Europe has entered Romania for the first time with the establishment of a joint venture with Helios Phoenix to undertake EUR 175 mln of distribution warehouse development throughout the country. The first project involves the development of seven class A logistics and distribution properties, totalling 315,000 m2, in the largest cities - Bucharest, Timisoara, Constanta, Brasov and Cluj.
GE Real Estate Central and Eastern Europe has entered Romania for the first time with the establishment of a joint venture with Helios Phoenix to undertake EUR 175 mln of distribution warehouse development throughout the country. The first project involves the development of seven class A logistics and distribution properties, totalling 315,000 m2, in the largest cities - Bucharest, Timisoara, Constanta, Brasov and Cluj.
GE said in a statement that the development is being undertaken on a speculative basis in response to the ongoing demand for high-quality industrial warehouse and logistics facilities across Romania, underpinned by the country’s strong growth of gross domestic product.
Phoenix Real Estate has developed over 60,000 m2 of warehouse space in Romania since 2001. Helios Properties is a UK warehouse developer that has developed over 2 million m2 of space in the 11 years since its was founded. Helios and Phoenix formed a joint venture in 2006 to develop and manage logistics space in Romania.
DTZ Romania assisted GE Real Estate in the transaction.
