British real estate company First Property sells warehouse near Cluj

First Property Group, a UK-based commercial property company, finished its sale of a logistic 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 sizes about 8,300 sqm, and currently has a 10-year lease agreement with Teconnex.

“The transaction is important 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 increasing 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. As of mid-2022, Colliers specialists estimate a volume of around EUR 60 million in industrial real estate transactions, representing around 17% of the total investment transaction volume 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 that it had bought in Romania, in 2016, for EUR 10.5 million. The group owns the Maestro Business Center office building in Cluj-Napoca and a 3,000 sqm office building in the Victoria Square area in Bucharest.

(Photo: Matusciac/ Dreamstime)