Invest4SEE has reached an agreement to sell Timisoara Airport Park in Timis County, Romania to London AIM listed investor Globalworth. Colliers International, which acted for the seller, described the deal as one of the most significant transactions in the sector post 2008.
Subject to the deal was the sale of an existing building leased on long term to Valeo, the French automotive group, and the forward sale of a building leased on long term to Continental, the German automotive group, the latter to be delivered in 2015. The total park will feature over 70,000 sqm of space after completion of the Continental building. Both phases are subject to further development options, potentially increasing the volume to over 110,000 sqm of high quality space serving the light industrial and warehousing operations of the tenants.
Timisoara is one of the largest cities in Romania, and a key hub of the country’s economic development driven by its industrial and services sectors serving mainly Western Europe.
The buyer is a London AIM listed real estate investment company with a primary focus on properties located in Romania. Globalworth has been one of the most active investors in the Romanian market since its founding.
Oliver Schenk, Principal of Invest4See, commented: “We were in discussions with Globalworth as we planned to develop new logistics and industrial properties in Timisoara area and we found in Globalworth a reliable partner. We agreed to sell the Valeo building to and to develop the Continental building for Globalworth, and since both tenants have expansion options, there may also be new development phases. This transaction gives evidence to investor’s trust in the high potential of the western Romanian industrial market, in which we believe for a long time and which we will continue developing.”
Invest4See was advised by Colliers International and law firm PeliFilip while Globalworth was advised by law firm NNDKP.
Robert Miklo, associate director at Colliers International, said: “The sale of Timisoara Airport Park represents the most significant industrial real estate transaction in the Romanian market post 2008. TAP is a high quality asset in a strategic location. With further development potential it represented a compelling investment product that attracted the interest of multiple investors over the past years. The deal will increase focus on this sector of the market where we expect more transactions to occur, driven by the increasing importance of this asset class in investor portfolios and the expansion of specialist investors to our region.”