UK-based commercial property fund manager and investor First Property Group concluded the sale of Tureni Logistic Warehouse, with a total area of about 8,300 sqm, in a deal brokered by real estate consultancy company Colliers.
Based in Cluj region, the project 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 project was initially purchased by the group in a leaseback deal in 2007.
Anca Merdescu, Associate Director Investment & Debt Advisory at Colliers Romania, pointed out that the transaction 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.
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 sqm office building in the Victoria Square area.
By mid-2022, around €60 million worth of industrial real estate transactions were closed in Romania, representing around 17% of the total investment transaction volume, according to Colliers data.
Sign up today for the latest news