Industrial developer WDP has purchased wholesale retail park Expo Market Doraly from ARA Europe and Romanian investor Gheorghe Iaciu for an undisclosed sum.
The project is based north of Bucharest, in Ilfov County. It covers 110,000 sqm and comprises 37 pavilions that host 400 traders.
"We are delighted to finalise such a complex transaction of an atypical property, but with extremely solid business fundamentals, and bring together a unique opportunity with the right investor,” said Andrei Văcaru, CEE Head of Capital Markets at iO Partners, the agency that worked with the sellers on the deal.
Under the transaction terms, WDP will be asset manager for the project, while Iaciu and the current management team will handle the daily operations.
“We are very pleased with the acquisition of this promising asset, which is complementary to our existing Romanian portfolio,” said Jeroen Biermans, Country Manager of WDP Romania.
WDP’s current industrial portfolio in Romania covers close to 1.7 million sqm. The company’s projects are spread across major urban areas in the country.
WDP was assisted in the purchase by Țucă Zbârcea (legal), Mazars (financial and fiscal), Brown Marinescu Consulting (technical) and CBRE (commercial).
The sellers were assisted by Reff & Associates (legal) and Deloitte (fiscal).
