Euronext-listed Belgian logistics property investor Warehouses De Pauw (WDP) has begun its activities in Romania with the purchase of five sites close to Bucharest. Last month WDP announced that it would be focusing on Romania in the next phase of its strategic growth plan, and has set up WDP Development RO, a joint venture with local specialist Jeroen Biermans, to buy and develop sites in the country. WDP says that its alliance with a constructor that has been active in Romania since 2001 will ensure that it adopts the right approach to the market.
Euronext-listed Belgian logistics property investor Warehouses De Pauw (WDP) has begun its activities in Romania with the purchase of five sites close to Bucharest. Last month WDP announced that it would be focusing on Romania in the next phase of its strategic growth plan, and has set up WDP Development RO, a joint venture with local specialist Jeroen Biermans, to buy and develop sites in the country. WDP says that its alliance with a constructor that has been active in Romania since 2001 will ensure that it adopts the right approach to the market.
The five sites, with a total surface area of 942,000 m2, were bought for EUR 16.5 mln and are in three key logistical locations on main routes linking the capital with the rest of the country and the Black Sea. WDP Development RO plans to begin building semi-industrial premises later this year on two of the five sites, and hopes to complete them by mid-2008. All acquisitions of finished premises will be undertaken directly by WDP Romania, a fully-owned subsidiary of WDP. The company believes that the investment value of the five sites can grow to at least EUR 150 mln.
