Fortress has acquired ELI Park 1, a class A industrial development, located in the newest logistics hub North-West of Bucharest, Buftea – Chitila, making it their first logistics acquisition in Romania. The scheme comprises 50,000m² and enjoys close proximity to the North of Bucharest and the ring road, near the connection with the future A0. ELI Park 1 is leased to a list of tenants including Arctic, Decor Floor, Dentotal, Euro Games Technology Romania, Kalapod, Mobilier 1, Novomatic and Paste Baneasa. The property was developed as a joint venture by Element Industrial and Paval Holding. The purchase price was not disclosed.
“Romania is one of the most exciting long-term logistics and warehousing investment propositions globally due to the high industrial and consumer growth potential and close access to Western Europe. The market is in the development phase with a lot of runway for real estate investment for Fortress. We are selective and intend to grow our high-quality warehouse portfolio across Central and Eastern Europe (CEE) in the coming years. Earlier this year we purchased our first logistics assets in Poland. In saying that – we are no strangers to the region, given that we are the largest shareholder in NEPI Rockcastle Plc, active in high-growth retail real estate in CEE,” said Steven Brown, CEO of Fortress REIT Limited.
“We are satisfied that by developing ELI Park 1 at high standards we have attracted a new player on the local market, South Africa’s largest logistics owner and developer, which brings valuable know-how and experience in Romania,” said Andrei Jerca, Managing Director, Element Industrial. “The transaction confirms Buftea-Chitila as the third logistics hub near Bucharest as well as the developing force of Element Industrial, recognized by a worldwide real estate giant."
