October 4, 2022
  • October 4, 2022

British real estate company First Property sells warehouse near Cluj

By on August 30, 2022 0

First Property Group, a UK-based commercial property company, has completed the sale of a logistics warehouse in Tureni in a deal brokered by Colliers.

Located on the slopes of the Feleacului hills just 20 kilometers from Cluj-Napoca in one of the most sought-after locations for I&L hubs, the project measures approximately 8,300 m² and currently has a 10-year lease agreement with Teconnex.

“The transaction is significant 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 the growing confidence of potential new investors in Romania,” said Anca Merdescu, Associate Director Investment & Debt Advisory at Colliers Romania.

Overall, the industrial and logistics market continues to be among the most dynamic sectors in Romania. In mid-2022, Colliers specialists estimate a volume of approximately 60 million euros in industrial real estate transactions, which represents approximately 17% of the total volume of investment transactions in the local market.

First Property Group operates in the UK and Central Europe, with headquarters located in London, Warsaw and Bucharest.

Last year, the company sold the last of nine Lidl supermarkets it bought in Romania in 2016 for 10.5 million euros. The group owns the Maestro Business Center office building in Cluj-Napoca and a 3,000 m² office building in the Victoria Square district in Bucharest.

(Photo: Matusciac/Dreamstime)

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