Globalworth buys 50% in EUR 200 mln logistics park in Constanta

Globalworth, the leader of the office market in Romania and Poland, has bought from local businessman Sorin Preda half of Black Sea Vision, a EUR 200 million logistics project located in the Romanian Black Sea city Constanta, Profit.ro reported.

The deal comes after Globalworth purchased from the same investor a smaller EUR 35.5 mln project in Bucharest.

Globalworth will act as an investor, while Preda’s company Global Vision will continue to manage and develop the project. When the Black Sea Vision project will be completed, Globalworth could see itself emerging as the second-largest owner of industrial-logistic spaces in the country, after CTP, Profit.ro commented.

Preda has previously developed several projects that he sold to Greek investor and Globalworth CEO Ioannis Papalekas, contributing to the expansion of Globalworth's portfolio. He recently bought from Erste Bank a land of nearly 100 hectares in the village of Lazu, where Austrian group Voestalpine intended to build, before the economic crisis, a steel plant. He plans here a mixed project, including mainly logistical and industrial spaces combined with office and retail buildings. Within six years, the built area should reach about 600,000 square meter following EUR 200 mln investments.

Recently, half of Preda’s company Black Sea Vision, which develops this project, was bought by Globalworth, in a 50:50 partnership. Previously, the two agreed on developing under the same formula a logistics project in Chitila with an area of 77,000 square meters and an investment of EUR 35.5 million.

Globalworth recently launched its Globalworth Logistics brand, which will encompass all of its logistics properties. Besides Constanta and Bucharest, Globalworth also owns logistics projects in Pitesti and Timisoara.

(Photo source: Shutterstock)