Immoeast Builds EUR 70 mln Logistics Center in BucharestPublish date: 22-02-2007
Austrian investment fund Immoeast will build a 100,000 sq.m. logistics center in an investment worth 60-70 million euros, after having acquired Romanian Logistic Contractor, the company that will act as project developer, ACT Media news agency reports.
Immoeast acquired the Romanian developer from the Precup family, who started developing a logistics park on the Bucharest belt motorway through Logistic Contractor.
According to data published in the Official Gazette, the Precups will cash 8.5 million euros in the first stage; the total amount of the transaction will be established at the completion of negotiations.
Immoeast will finance all the project's development stages.
The Precups are at the second such deal, after having sold in 2005 the Bucharest Distribution Park to the same buyer Immoeast.
The investment fund assigned for this project an estimated 40 million euros.
Immoeast followed the same scheme in this project, acquiring first the developer Bucharest Distribution Park and then financing all the subsequent development stages.
Immoeast has 21 real estate potential and on-going projects in Romania, worth a combined of almost one billion euros.
The fund will unfold in Romania investments worth almost 300 million euros.
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