The warehouse is part of the three assets portfolio the company owns in Romania and it is situated in the city of Ploiesti.

The buyer is the company Aquila Part Prod, with activities in the field of transportation, logistics, distribution, currently the tenant of the building, unitl the month of July 2017.

Aquila Part Prod is owned by the businessmen Alin Dociu and Cătălin Vasile and it is part of the group of companies Aquila, with total business of EUR 246 million in 2015.

The price is scheduled to be paid in quarterly instalments between July 2017 and April 2023. First Property Group will remain the legal owner of the warehouse until the full price will be credited and the instalments paid are not reimbursable in case of breach.

“It’s an opportunistic sale, beneficial for both parties. I am glad that the group obtained a profit of over EUR 1 million, representing an investment profitability of around 50 percent,” said Ben Habib, general director of First Property Group.

First Property Group bought last year the buildings hosting nine Lidl supermarkets in Romania. The value of the transaction was EUR 10.5 million. The British fund also owns an office building in Bucharest. (source: economica.net)