CBRE, leader of the real estate consultancy market, has recently advised the pan-European developer VGP on the acquisition of a 39ha land plot in Arad. The transaction is the largest land acquisition in the west of the country this year.
"Romania has yet a lot to offer in terms of logistics developments. The acquisition of a new land plot in the west of the country with direct access to the A1 highway, started before the COVID-19 pandemic and successfully concluded, reaffirms VGP's commitment to becoming a reliable partner in Romania for companies who demand first-class industrial spaces. We are planning to develop 60,000m² of industrial spaces next year in Romania, in addition to the 155,000m² which we already own. Furthermore, we are actively searching for prospective new lands, similar to this acquisition, which was concluded through CBRE team", stated Adrian Crizbasianu, country manager, VGP Romania.
The land plot purchased by VGP is strategically located at the junction of two of the main roads in Arad area, National Road 69 Timisoara-Arad, respectively A1 highway, ensuring utmost visibility and easy access to the project. The real estate already benefits from the Zonal Urban Plan and the related Local Norms of Urbanism (PUZ) approved for the targeted use with an occupancy rate of 60% and construction works for the first building will start this year, the delivery is planned in the second half of the following year.
“Additional to the development of the western area as a logistics hub, the land plots in Timis, Arad and Bihor generate high interest from developers, and we expect this appetite to increase. Arad is shaping up as a new destination, following Timi?oara, already holding a stock of over 100,000m² of industrial spaces, with a vacancy rate of less than 3%", explained Ion Dinu, Senior Consultant in the Land Development Department, CBRE Romania, the consultant who advised VGP on the transaction.