May 14 (SeeNews) - London-listed Globalworth Real Estate Investment said on Tuesday it is investing 35.5 million euro ($39.9 million euro) in a new logistics project in Romania.
The company plans to develop a logistics project in Chitila, Ilfov county, with leasable area of about 77,000 sq m, which will be built in partnership with Romanian construction and property management company Global Vision, Globalworth said in a statement.
Located near capital Bucharest, Global Logistics Chitila will be built on a land plot of over 136,000 sq m. The development will be done in phases, with the first 20,000 sq m of logistics space being scheduled for delivery in the first half of 2020.
Recently, Globalworth completed the first phase of the extension to its logistics project in Timisoara.
"Our strategy remains focused on strengthening our position as leader of the office market but also increasing our presence in the logistics segment through new projects, starting with the expansion of Global Logistics Timisoara and the new investment in Chitila in partnership with Global Vision," Globalworth deputy CEO and CIO Dimitris Raptis said.
The Chitila location benefits from excellent accessibility, being positioned next to the Bucharest ring road which offer connects the project to the A1 and N7 roads and the city’s central districts.
"Our analysis also indicates that the logistics and industrial market in Romania is becoming increasingly attractive to foreign investors. For these reasons, we intend to use our complementary competence to advise on, develop and manage ambitious mixed projects dedicated to companies with vision and cross-border aspirations," Global Vision CEO Sorin Preda said.
The company's portfolio also includes a logistics project developed for Groupe Renault, which will be rebranded Global Logistics Pitesti.
Globalworth, active in Central and Eastern Europe, is quoted on the AIM-segment of the London Stock Exchange.
Founded in 2004, Global Vision develops, designs, builds and offers management to strategic real estate projects for private and institutional investors from Romania and the CEE.
($=0.8897 euro)