London-listed Globalworth Real Estate Investments, one of the biggest real estate investors in Romania, has reached an agreement with Israeli investor Simon Roth’s Elgan group to buy the Dacia auto parts warehouse near Pitesti for an estimated EUR 42.5 million.
The warehouse, which is located in Oarja village, 28 km away from Dacia plant in Mioveni and near Bucharest-Pitesti highway, was opened in 2010 and is one of Renault Group’s largest distribution centers for spare parts and accessories outside of France.
The warehouse has a leasable area of 68,000 square meters and a land plot that is suitable for the construction of another 40,000 sqm.
“The sale of the Dacia warehouse, developed by Elgan group, to Globalworth represents a major transaction for the investment market of Romania, following shortly after GIC, the sovereign wealth fund, entered the local market by purchasing P3 platform and consequently underlining the existing interest for this type of product in Romania,” said Robert Miklo, Associate Director within Investment Services at Colliers International, which advised Elgan group in this deal.
“Through this acquisition, Globalworth expands its storage and logistics centers portfolio in Romania, after the acquisition of TAP park in Timisoara. Last but not least, for Elgan group, this is the first significant exit in Romania, and what is more, the group is looking at new developments,” Miklo said.
Simon Roth won, in November 2016, the bid to develop Renault group’s new headquarters in Bucharest, a 39,000-sqm office project, which will reunite the group’s local operations.
Globalworth, a company founded and managed by Greek investor Ioannis Papalekas, owns 15 real estate investments currently valued at EUR 962.4 million, all located in Romania. The company owns several modern office buildings in Bucharest, including Globalworth Tower, the city’s second-tallest building. Papalekas controls 25.7% of Globalworth’s shares. The other big shareholders include Growthpoint Properties Ltd, with 26.9%, York Capital, with 18.8%, and Oak Hill Advisors – 11.2%.