Aquila Part Prod buys EUR 3.2 mln warehouse in Ploiesti from First Property Group

Transport and logistics company Aquila Part Prod, owned by millionaire entrepreneurs Alin Adrian Dociu and Constantin Catalin Vasile, have reached an agreement with British investment fund First Property Group to acquire a warehouse in Ploiesti for EUR 3.2 million, according to Profit.ro.

The money will be paid in quarterly installments, between July 2017 and April 2023, while the British will keep the ownership over the warehouse. Under the agreement, should the Romanian company not be able to pay all the installments, the money paid until then will be given back.

“It’s an opportunistic sale, beneficial for both parties. I am glad that the group obtained a profit of over EUR 1 million, representing an investment profitability of around 50 percent,” said Ben Habib, general director of First Property Group.

The sale of the deposit will generate an EBIT of at least EUR 1 million, that will be added to the results for the financial year closing on March 31, according to First Property Group.

Following this transaction, First Property Group’s local portfolio now comprises only two more properties – an office building in Bucharest and a logistics project in Cluj.

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Aquila Part Prod, part of the Aquila group, from Ploiesti, is the current tenant of the warehouse for which it has a leasing agreement until July 2018. The company does business in transports, logistics and distribution has an annual turnover of about EUR 148 million.

Join the discussions about the Industrial & Logistics Market and latest Real Estate trends at the Realty Forum 2017 on April 25.