WDP has acquired a 136,374 square-meter portfolio of leasable area in standing assets and a large plot for future development with total potential gross leasable area of over 300,000 square meters in Greater Bucharest, Constanta, and Targu Mures, Romania, from a joint venture of Globalworth and Global Vision. The sale price was reported to be approximately EUR 110 million.
The portfolio acquired by WDP consists of three Class A warehouse and light industrial projects, let to a variety of tenants.
“This transaction allows our Romanian footprint to grow to around 2.0 million square maters in gross leasable area,” said WDP Romania Country Manager Jeroen Biermans, “capturing over 25% market share. The strategic land-bank in Constanta positions WDP for long-term growth amidst the region’s projected infrastructure investments of approximately 10 billion euros. These include investments in port terminals and logistics capabilities, security and NATO presence, new highways and preparing for Schengen Area accession, bolstering its role in global trade route diversification and Black Sea access.”
The property acquired in Chitila area of Bucharest consists of 76,994 square meters of leasable area, complementing WDP’s existing presence in Dragomiresti. WDP also acquired two existing properties totaling 41,117 square meters in the Constanta Business Park, along with a large plot for development spanning over 300,000 square meters in GLA potential. These assets are directly adjacent to the main port area and feature possible railway connectivity. According to WDP, a building permit is in place for a third property and commercial negotiations are ongoing, with development set to start once a pre-lease agreement is in place. In Targu Mures, WDP is acquiring an 18,263 square-meter asset.
The Biris Goran and Kinstellar law firms advised Global Vision and Globalworth, respectively, on the sale. The PeliPartners law firm advised WDP.