P3 launches 130,000 m[sup]2[/sup] Romanian project

Arcapita Bank's logistics property arm PointPark Properties (P3) is expanding its activities in Romania with the signing of a joint venture to develop a new 129,000 m² logistics park in Timisoara.

The European distribution facility arm of the Bahraini bank has signed an agreement with Invest 4See, a Southeastern European real estate advisory and development company, to cooperate on the development of the Pointpark Timisoara logistics and industrial project.

The park is the second to be developed by P3 in the country after announcing the construction of a new facility in Cluj in a partnership with Europa Capital earlier this year.

The Timisoara project will offer 129,000 m² of Class-A office and warehouse space located 8 km from the centre of Timisoara, in the vicinity of the Traian Vuia International Airport.

'We are very pleased to enter into cooperation with Invest 4See, who have a strong track record in Timisoara,' said Craig Maguire, managing director of P3 Poland & Romania. 'This is a very challenging but promising project for us and we look to grow further in the country. Initial interest is already high.'

Ian Worboys, Chief Executive of P3 said: 'This project further strengthens our position in Romania and shows that P3 is expanding on a European level.'

P3 is currently active in 11 European countries, managing over 1,5 million m² of assets in over 72 distribution buildings.

Invest 4See is a privately held consulting, real estate advisory and development company, which was co-founded by its managers Gabriel Bitea, Muler Onofrei and Oliver Schenk. The company currently has over 300,000 m² of space under development.