South African developer Fortress REIT is close to entering the Romanian logistics market by acquiring the logistic park in Chitila, owned by Element Industrial and Dedeman, according to Ziarul Financiar, which cites market sources.
South African company Fortress REIT, that owns 23% of NEPI Rockcastle, is close to signing the acquisition of the ELI Park 1 logistics park in Chitila. The project is developed by Element Industrial and Adrian and Dragoș Pavăl, owners of Dedeman, the largest DIY retailer in Romania.
ELI Park 1 will have a total area of 50,000 sqm after completion. Among the tenants are Paste Băneasa, with 5,000 sqm, Arctic with 20,000 sqm and Dentotal with 2,300 sqm.
Element Industrial is owned by businessman Ionuț Dumitrescu, who has partnerships with several Romanian businessmen to develop a consistent portfolio of logistics and industrial spaces. In addition to the warehouses in Chitila, Element is developing projects in Craiova and has plans for Târgoviște, Timișoara, with a total pipeline of 300,000 sqm in the coming years.
