GE Real Estate Central & Eastern Europe and Helios Phoenix have created a JV to undertake €175 million ($238 million, £118 million) of distribution warehouse developments throughout Romania.
The companies see high demand for high quality, industrial warehouse and logistics facilities across Romania, underpinned by the country's strong GDP growth. The first seven projects will be in Bucharest, Timisoara, Constanta, Brasov and Cluj. Helios Properties and Phoenix Real Estate formed a joint venture in 2006 to develop and manage industrial warehouse and logistic properties in Romania. Phoenix Real Estate has been active in Romania since 2001 and has already developed over 60,000 square meters of warehouse and logistic facilities.
Helios Properties, which has been trading for 11 years, is a UK industrial warehouse developer, and has procured over two million square meters of space. Karim Habra, managing director of GE Real Estate, said: “These developments will be the first bespoke portfolio of logistics warehouses in Romania, a market which is currently under-supplied.”
“The recent EU accession is expected to further enhance Romania's GDP growth and consumer and industrial demand, which in turn will lead to greater demand for warehouse space.” (citywire.co.uk)