South African real estate investor pays EUR 30 mln for warehouses near Bucharest

Fortress REIT, one of the largest developers in South Africa and the majority shareholder of regional property investor NEPI Rockcastle, will pay EUR 30 million for the warehouses developed by the Dedeman group owners Dragos and Adrian Paval together with Ionut Dumitrescu in Chitila, near Bucharest.

Fortress REIT announced its entry into the Polish logistics market, where it bought two warehouses for EUR 40 mln. The company's head also announced a EUR 30 mln acquisition in Romania, Economica.net reported.

"The first two logistics properties in Poland are prime buildings, and we are still looking at new opportunities here. We are also finalizing a EUR 30 mln acquisition of a property in Romania," said Steven Brown, CEO of Fortress, quoted by Moneyweb.

Sources familiar with the deal confirmed that the transaction mentioned by the CEO of Fortress involves the acquisition of the logistics project from Chitila, which has a leasable area of 50,000 sqm.

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