Belgian group WDP buys oldest wholesale center in Romania

Belgian group WDP, the second-biggest owner of logistics and industrial spaces in Romania, has signed the purchase of the oldest wholesale, cash & carry and retail park in the country – Expo Market Doraly, located in Afumati near Bucharest.

The value of the deal was not disclosed, but local media sources estimated it at over EUR 100 million.

The sellers are ARA Europe, a company controlled by ESR – one of the biggest listed real estate investment managers in the world, and Romanian investor Gheorghe Iaciu, who founded the Doraly business in 1993.

Located in the northeast of Bucharest, Expo Market Doraly covers an area of 110,000 square meters and comprises a total of 37 pavilions, which are leased to over 400 traders. Situated between Bucharest’s two ring roads, with easy access from the city center, Doraly is an important supply center for retailers in the capital and Romania's southeastern region.

“We are very pleased with the acquisition of this promising asset, which is complementary to our existing Romanian portfolio. I look forward to continuing the success of Expo Market Doraly and making it an even stronger business by facilitating future growth together with Mr. Iaciu and his team of seasoned professionals,” said Jeroen Biermans, Country Manager WDP Romania.

Together WDP, which will perform the asset management, Gheorghe Iaciu and his current property management team will continue to manage the project.

“In our pursuit to find the best fit for DORALY’s evolution in accordance with tenant expectations and final client satisfaction, we identified WDP as one of a kind, to maximize the potential of the property. EXPO MARKET DORALY is a resilient asset with a strong tenant portfolio of Producers, Importers and Distributors, where customers can find a wide range of products at very competitive prices, a commercial center in continuous evolution and growth. Jeroen Biermans with his Master Class experience in logistics, WDP with its Financial Strength, represent what DORALY needed to evolve,” commented Gheorghe Iaciu.

WDP is the second-largest owner of industrial-logistics spaces in Romania, with a portfolio of almost 1.7 million sqm. The company's industrial parks are located throughout the country, in all major urban areas. WDP is listed on Euronext and has a market capitalization of EUR 5.8 bln.

WDP was advised in this transaction by Țuca Zbârcea (legal), Mazars (financial and fiscal), Brown Marinescu Consulting (technical), and CBRE (commercial). The sellers were supported by Reff & Associates (legal), Deloitte (tax), and iO Partners (commercial).

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