February 27, 2017

Globalworth buys Romanian warehouse for €42.5 million

Globalworth buys Romanian warehouse for €42.5 million

Globalworth purchased a logistics project located near Pitesti, Romania, rented by Dacia from ELGAN, a company owned by businessman Simon Roth, for €42.5 million. Colliers International advised the seller.

"The sale of the Dacia warehouse, developed by ELGAN Group, to Globalworth represents a major transaction on the Romanian investment market, following shortly after GIC, the sovereign wealth fund of Singapore, entering the local market by purchasing the P3 platform and consequently underlining the existing interest for this type of product in Romania. Also, through this acquisition, Globalworth expands its storage and logistics centres portfolio in Romania, after the acquisition of TAP park in Timisoara. Last but not least, for Elgan group, this is the first significant exit in Romania, and what is more, the group is looking at new developments,” said Robert Miklo, Associate Director of Investment Services at Colliers International.

The warehouse has a leasable area of 68,000 sqm and a land plot that is suitable for the construction of another 40,000 sqm. Set in Oarja village, 28 km away from Dacia plant in Mioveni and near Bucharest-Pitesti highway, the warehouse was opened in 2010 and provides distribution of spare parts for Dacia, Renault and Nissan in Romania and 33 other countries.

Besides this deposit, Elgan Group, led by businessman Simon Roth, developed several similar real estate projects, including: Auchan Logistics (38,000 sqm in Hungary), Volvo Trucks Factory & Logistics (19,300 sqm in France), Renault-Nissan Logistics (19,500 mp in Hungary), Bogáncs Estates Office & Logistics (57,000 sqm in Hungary) and DHL Express HQ Office & Logistics (14,500 sqm in Hungary).

The sale of Dacia Pitesti warehouse is the second largest transaction brokered by Colliers on the industrial market in the last three years, after the company offered consultancy on the acquisition of Europolis Logistic Park for €120 million in 2015. 2015 remains a reference year in terms of industrial transactions, thus having reached a volume of around €300 million. The outlook for 2017 is optimistic, with Colliers International consultants expecting to sign new mid-size transactions.

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