Belgian logistics specialist WDP has acquired Romania's oldest wholesale retail centre from ARA Europe and Romanian investor Gheorghe Iaciu.
Although the exact price was not disclosed, it is estimated to be over €100 mln.
Located in Afumati near Bucharest, Expo Market Doraly covers an area of 110,000 m2 and comprises 37 pavilions leased to over 400 traders. Centrally located and accessible from downtown Bucharest thanks to its position between the city's two ring roads, Doraly serves as a supply centre for retailers in the capital and southeast Romania.
Iaciu, who founded the Doraly business in 1993, will stay involved alongside WDP's management team to ensure a smooth transition.
Jeroen Biermans, country manager for WDP Romania, said: ‘We are very pleased with the acquisition of this promising asset, which complements our existing Romanian portfolio.’
Gheorghe Iaciu, co-owner and founder of Expo Market Doraly, added: ‘In our pursuit to find the best fit for Doraly's evolution in accordance with tenant expectations and final client satisfaction, we identified WDP as the ideal partner to maximize the potential of the property. Expo Market Doraly is a resilient asset with a strong tenant portfolio of producers, importers, and distributors, where customers can find a wide range of products at very competitive prices.’
As the second-largest owner of industrial-logistics spaces in Romania, WDP boasts nearly 1.7 million m2 of logistics space across the country's key urban areas.
