May 15, 2019

Globalworth launches Global Logistics and a €35.5 million logistics project in Romania, in partnership with Global Vision

Globalworth launches Global Logistics and a €35.5 million logistics project in Romania, in partnership with Global Vision

Globalworth, the leading office investor in Romania and Poland, is rebranding its logistics portfolio to Global Logistics as part of its strategy to consolidate its position in this fast-growing market and announces a new project near Bucharest with an investment cost of €35.5 million. The company plans to develop a logistics project in Chitila (Ilfov county), with leasable area of about 77,000 sqm, which will be built in phases in partnership with Global Vision, a leading construction and property management company in Romania. Recently, Globalworth also completed the first phase of the extension to its logistics project in Timisoara.

"We continue to recognise the strong demand in the industrial and logistics sector. Our Global Logistics Timisoara project (formerly Timisoara Airport Park) in the Western part of the country has been a great a success and is fully leased to well-established companies. Our strategy remains focused on strengthening our position as leader of the office market but also increasing our presence in the logistics segment through new projects, starting with the expansion of Global Logistics Timisoara and the new investment in Chitila in partnership with Global Vision. These investments will be developed under our new Global Logistics platform and brand, that will integrate all our light-industrial and logistics projects," said Dimitris Raptis, Deputy CEO and CIO of Globalworth.

“The partnership with Globalworth honours us and confirms that our vision to develop integrated industrial and logistics projects, close to large workforces and with access to major infrastructure and transport hubs, is sustainable and has the potential for significant growth. Our analysis also indicates that the logistics and industrial market in Romania is becoming increasingly attractive to foreign investors. For these reasons, we intend to use our complementary competence to advise on, develop and manage ambitious mixed projects dedicated to companies with vision and cross-border aspirations," added Sorin Preda, CEO of Global Vision.

Global Logistics Chitila is a last-mile logistics park in Chitila, located in Ilfov county near Bucharest, which will be built on a land plot of over 136,000 sqm. The development will be done in phases, with the first 20,000 sqm of logistics space being scheduled for delivery in H1 2020. The location benefits from excellent accessibility, being positioned next to the Bucharest ring road which offer connects the project to the A1 and N7 roads and the city’s central districts.

In October 2018, Globalworth began the expansion of the Global Logistics Timisoara project, which is 100% leased. Global Logistics Timisoara II offers the potential of 140,000 sqm and will be built on a plot of over 30 hectares. The first phase of the expansion, of approximately 18,000 sqm, has now been completed and the company is in advanced negotiations to lease the delivered area.

Globalworth’s portfolio also includes a logistics project developed for Groupe Renault, which will be rebranded Global Logistics Pitesti.

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