Immoeast has teamed up with Central European development specialist European Future Group (EFG) to build eight to 10 logistics centres with a combined lettable space of 400,000 m[sup]2[/sup] to 500,000 m[sup]2[/sup] in Romania. The investment volume comes to about EUR 300 mln. Immoeast said that talks are currently underway with an international logistics company which wants to acquire space as the anchor tenant in all of the centres.
Immoeast has teamed up with Central European development specialist European Future Group (EFG) to build eight to 10 logistics centres with a combined lettable space of 400,000 m2 to 500,000 m2 in Romania. The investment volume comes to about EUR 300 mln. Immoeast said that talks are currently underway with an international logistics company which wants to acquire space as the anchor tenant in all of the centres.
Immoeast and EFG are developing the 50,000 m2 Pantelimon Warehouse logistics centre near Bucharest. The first building, involving an investment of EUR 35 mln, will be completed this year. Immoeast said that Pantelimon is the first logistics centre in the northeast of Bucharest. The overall market for logistics real estate is strong in the city, where a current market analysis by the international real estate advisor DTZ states vacancy rates are significantly below 2%.
'The new chain of logistics centres is an excellent addition to our portfolio, the focal point of which currently lies in offices and retail,' said Immoeast ceo Karl Petrikovics. 'Demand for logistics space will outpace supply for some time yet and in this phase we will be able to develop a network of centres throughout Romania.' The new large-scale logistics investment is part of the company's EUR 6 bn investment programme for 2007-2008.