CTP to pay EUR 28 mln for 57,000 sqm logistics centre near Bucharest

Real estate developer CTP, the largest owner of warehouses in Romania, is close to purchasing the Equest Logistic Center park, located at the western outskirts of Bucharest along the Bucharest-Pitesti highway, Profit.ro reported.

The property is located next to two other logistics parks owned by CTP. The seller is the British Equest Balkan Properties fund and the price is estimated at about EUR 28 million.

Equest Logistic Center has a lettable area of 56,690 square meters, divided into three halls with 40 logistics units built between 2008-2009. The property is over 95% rented to companies such as Garrett, Elephant, BDG, Premium Lubricants, Militzer, Shimano and Senso Ambiente.

"We did a competitive auction, helped by Cushman & Wakefield Echinox, and CTP was the winner. CTP is now in an advanced stage of due diligence. We should have a result by the end of the year. The money from the transaction would be used to develop some assets we still have in Romania,” said George Teleman, a partner within Equest.

CTP recently bought from Belgian group Vabeld, owned by the family of millionaire Daniël Kerckhof, the logistics park A1 Bucharest Park. Both Equest Logistic and A1 Business Park are neighbors with CTPark Bucharest.

(Photo source: Equest-invest.com)