The project, called Chitila Logistics Park, is a joint development with a Romanian real estate partner Metropola Imobiliar, and totals 45,000 sqm of industrial and office space.
The Austrian company has several projects currently in the development stage including hotels, industrial plants, retail shops and business parks planned for Romania.The first phase of the logistics center comprises 16,000 sqm, is fully let and is producing approximately EUR 1 million in annual rental income. Tenants include companies such as Schenker, RTC and Montero, a company of the same group as Metropola Imobiliar. The second phase totaling 25,000 sqm has been under construction since June of this year and is already half let.
Metropola Imobiliar is part of Newarch Investment group. The group is planning to build an EUR 80 million office complex on the existing Pumac industrial platform west of Bucharest. The project is set to become Newarch's headquarters and will feature a high-rise building. Called Cotroceni Business Park, it will feature 60,000 sqm of office and retail space. The project should be completed in two years.
Apart from distribution company Montero, Newarch Investments owns half of the pharmacy chain Remedio.
Newarch Investments is made up of 15 companies.