Timisoara chalks up largest post-crisis logistics deal in Romania

Asset and development manager Invest4SEE plans to continue developing logistics space in Romania after securing the largest investment sale in the sector over the last five years.

As reported by PropertyEU last week, London AIM-listed investor Globalworth recently acquired Timisoara Airport Park, located close to Timisoara's Traian Vuia International Airport, from Invest4SEE in a deal valued at €35 mln.

Vendor Invest4See was advised by Colliers International and law firm PeliFilip while Globalworth was advised by law firm NNDKP.

Robert Miklo, associate director at Colliers International, said: 'The sale of Timisoara Airport Park represents the most significant industrial real estate transaction in the Romanian market post-2008. TAP is a high quality asset in a strategic location. With further development potential it represented a compelling investment product that attracted the interest of multiple investors over the past years. The deal will increase focus on this sector of the market where we expect more transactions to occur, driven by the increasing importance of this asset class in investor portfolios and the expansion of specialist investors to our region'.

The deal covered the sale of an existing building leased on long term to Valeo, the French automotive group, and the forward sale of a building leased on long term to Continental, the German automotive group, the latter to be delivered in 2015. The total park will feature over 70,000 m2 of space after completion of the Continental building. Both phases are subject to further development options, potentially increasing the volume to over 110,000 m2 of high quality space serving the light industrial and warehousing operations of the tenants.

Timisoara is one of the largest cities in Romania, and a key hub of the country’s economic development driven by its industrial and services sectors serving mainly Western Europe.

Globalworth has been one of the most active investors in the Romanian market since its founding. (Click on the related article below for more details)

Oliver Schenk, principal of Invest4See, said: 'This transaction gives evidence to investors' trust in the high potential of the western Romanian industrial market, in which we believe for a long time and which we will continue developing.'