ELGAN, the company owned by businessman Simon Roth, has sold logistics project located near Pitesti, rented by Dacia, to real estate fund Globalworth, which is controlled by Ioannis Papalekas, in a deal worth EUR 42.5 million.
The warehouse has a leasable area of 68,000 square meters and a land plot that is suitable for the construction of another 40,000 sqm. It was opened in 2010 and provides distribution of spare parts for Dacia, Renault and Nissan in Romania and 33 other countries.
Real estate consultancy Colliers International advised Roth on the sale.
“Also, through this acquisition, Globalworth expands its storage and logistics centers portfolio in Romania, after the acquisition of TAP park in Timisoara. Last but not least, for Elgan group, this is the first significant exit in Romania, and what is more, the group is looking at new developments,” said Robert Miklo, associate director, Investment Services at Colliers International.
Colliers said this was the second biggest deal it brokered on the industrial market in the last three years, after the company offered consultancy on the acquisition of Europolis Logistic Park for EUR 120 million in 2015.
In the meantime, ELGAN Group has developed several similar real estate projects, including: Auchan Logistics (38,000 sqm in Hungary), Volvo Trucks Factory & Logistics (19,300 sqm in France), Renault-Nissan Logistics (19,500 sqm in Hungary), Bogáncs Estates Office & Logistics (57,000 sqm in Hungary) and DHL Express HQ Office & Logistics (14,500 sqm in Hungary).