The Victoria Business Park logistics project, developed northeast of Bucharest in the commune of Afumați by two Chinese entrepreneurs, with a planned surface of 320,000 square metres, is nearing completion and could propel the two investors to the top of the largest warehouse owners in Romania, according to Profit.ro. The deal comes on top of other investments by which Chinese investors develop a diversified profile on the Romanian real estate market.

Located in the immediate vicinity of the Expo Market Doraly wholesale centre, the facility represents one of the largest Chinese investments in the industrial-logistics sector in Romania.

The complex has a built area of ​​320,000 square meters, of which 95,000 square meters are intended for showroom-type exhibition spaces, and the rest for storage and production. 

With a total investment exceeding EUR 150 million, the project could propel investors to the top of the largest owners of logistics spaces in the country.

The work is over 90% complete, and the contractors estimate that the final adjustments will be completed by the end of this year. Victoria Business Park benefits from a strategic positioning between the two ring roads of the capital, with direct access to the old ring road and quick connection to the A0 and DN2 highways.

Victoria Group, the project developer, is currently owned by Lu Jun (60%) and Chan Edy (40%).

Chan Edy was also involved in the development of the Peace House hotel in Dobroești, located near the Dragonul Roșu shopping centre.

In recent years, the Afumați - Doraly area has become an attractive pole for logistics investments, also confirmed by the CTPark Bucharest North project, developed on almost 58 hectares, with a value of over EUR 100 million.

Speaking of other Chinese investors in Romania’s real estate market, sovereign wealth fund China Investment Corporation is already active in the logistics sector through its Logicor platform. Chinese conglomerate Fosun also entered the local market in 2020 with the acquisition of the Floreasca Park office complex in a transaction worth over EUR 100 million.

Also in the Bucharest area, the Chinese group Shandong Dejian is building a residential complex with 460 apartments in the Berceni neighbourhood, its largest project in Romania. The same investor has also developed housing in Saturn and is working on a project in the Roșu commune.

The presence of Chinese capital was also consolidated by the entry of the Bank of China into the local market in 2019. The institution participated in granting a EUR 200 million loan to the developer Globalworth, marking a first in the financing of real estate projects in Romania.

iulian@romania-insider.com

(Photo source: Matusciac/Dreamstime.com)