Located in the Cluj region, one of the most sought-after locations for I&L hubs due to the proximity to the western border, Tureni Logistic Warehouse currently has a 10-year lease agreement with Teconnex, a company that designs and manufactures v-clamps, pressed clamps and other joint technology solutions for the automotive, aerospace and industrial sectors. The asset is in its second transaction, after being initially acquired by the seller as a leaseback project in 2007.
“The transaction is important in the context of a very compact I&L market, where new developments are largely retained in the portfolio, and proves that there is liquidity in the local real estate sector, being a reference for future transactions and contributing to increasing confidence of potential new investors in Romania”, says Anca Merdescu, Associate Director Investment & Debt Advisory at Colliers Romania.
Overall, the industrial and logistics market continues to be among the most dynamic sectors. As of mid-2022, Colliers specialists estimate a volume of around €60 million in industrial real estate transactions, representing around 17% of the total investment transaction volume. With 5.6 million square meters of modern storage space at the end of 2021, Romania is the third largest industrial and logistics market in CEE-15.
Last year, First Property Group sold its last remaining retail space for €1.25 million, after buying the premises of nine Lidl supermarkets in Romania for €10.5 million with several investors in 2016. The group also owns on the local market the Maestro Business Center office building in Cluj and a 3,000 square meters office building in the Victoria Square area.
First Property Group plc has operations in the United Kingdom and Central Europe and its focus is on higher yielding commercial property with sustainable cash flows. The company has offices in London, Warsaw and Bucharest.
At the Central and Eastern Europe (CEE) level, the overall investment volumes were up by about 8.5%, compared to the first half of 2021, at 5.3 billion euro, reveals Colliers in its latest “The CEE Investment Scene H1 2022” report. Poland remained leader in the region, in the first semester, with investment volumes accounting 56% of the overall CEE6 invested capital, followed by Czech Republic(16%) and Hungary (12%). In terms of transactional activity, industrial and logistics spaces continue to be in high demand, with a share of 21% of the total volume of investments.