Local investor starts EUR 25 mln logistics project near Bucharest

Element Industrial, a real estate development company recently launched by Romanian investor Ionut Dumitru, announced it would invest EUR 25 million in its first project, a logistics park in Chitila, north of Bucharest. The project, called ELI Park 1, will be built in two stages on a 10-hectare plot. The park will have 45,000 sqm of lettable warehouse and office spaces. Element Industrial plans to develop a portfolio of industrial projects in Bucharest and Romania. The company’s founder, Ionut Dumitrescu, is an experienced real estate investor. Between 1997-2007 he developed consultancy company Eurisko, which was sold in February 2008 to CB Richard Ellis. Following this deal, he focused on real estate development: the first project was HQ Victoriei, a class A business center near Victoriei Square, sold in 2012 to Zeus Capital. Starting 2017, Dumitrescu partnered with the founders of One United to establish a new office division, One Office. editor@romania-insider.com