Romanian online retailer eMAG to sell and leaseback EUR 50-60 mln warehouse

Romania’s largest online retailer eMAG, owned by South African group Naspers and local investor Iulian Stanciu, is seeking to sell and lease back its 120,000 sqm warehouse near Bucharest, opened at the end of last year and presented as the largest warehouse in Southeast Europe.

eMAG is looking to get some EUR 50-60 million for the warehouses. The development cost of the building was about EUR 40 million, the equivalent of about EUR 340 per sqm.

Industrial and logistic spaces typically bring a return on investment of around 8.25%, but for the price asked by eMAG for its warehouses would bring the buyer only 7% according to Profit.ro, making it expensive. However, the buyer can expand the existing premises since the property put up for sale by eMAG includes some 60 hectares of land.

The possible buyers include Belgian logistics developer WDP or a new investment fund on the local market, according to Profit.ro.

(Photo source: eMAG)