The real estate division of Rădăcini Group has purchased the Brico Depot DIY store in Iași for an undisclosed sum. The store has a sales area of approximately 8,000 sqm, with around 200 parking spaces and was opened in 2007 as a Praktiker brand.
Brico Depot, part of the British DIY company Kingfisher, entered the Romanian market in June 2013 by taking over the 15 Bricostore stores, and in December 2017 consolidated its position on the local market by acquiring the entire Praktiker Romania store network, becoming the number 2 on the local DIY market with 35 stores in 23 locations.
“There was significant interest in acquiring the property leased to Brico Depot in the centre of Iasi, given the increased investor demand for products that produce stable medium to long-term income in large cities. This shows that the Romanian economy is strong in general, not only in Bucharest, and that capital is gradually growing as the economy is maturing countrywide,” said Simina Niculiță, Director | Partner | Retail Agency at Colliers, the real estate consultancy which brokered the deal.
Schoenherr’s lawyers assisted the transaction for legal advisory, on the seller's side.
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