Cypriot investment fund Secure Property Development & Investment (SPDI) will buy half of the portfolio owned by the Cypriot developer Helios Phoenix in Romania with EUR 8-9 million.
It will take over the Olympian logistics parks in Bucharest, Brasov and Timisoara, reports local Profit.ro.
Secure Property has calculated that the three logistics parks currently generate a net operating income of about EUR 4.5 million per year. In total, they cover up to 100,000 sqm of storage and office space.
SPDI’s current logistics properties in Romania and Greece generate a net operating income of about EUR 1.8 million. The deal will increase the company’s total leasable area to 135,000 sqm.
Secure Property entered the Romanian market in 2014. The fund owns assets of over EUR 50 million in Romania. These include the Innovations Logistics Park in Clinceni, several apartments in the Romfelt Plaza, Monaco Towers, Blooming House and Green Lake residential complexes, all in Bucharest. It also owns the EOS Business Park where dairy producer Danone has its headquarters.
This spring, Helios decided to expand its local portfolio by acquiring the Millennium Logistic Park industrial park, located in Popesti Leordeni, near Bucharest. The project, which includes 11 hectares of land and 12,000 sqm of warehouses, was renamed Olympian Park East Bucharest.