Prologis Sells Logistics Park near Bucharest to Czech group CTP - Global Trade Magazine
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  September 10th, 2015 | Written by

Prologis Sells Logistics Park near Bucharest to Czech group CTP

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  • The Prologis deal’s value of $56 million compares favorably to the $49.3-million value reported in 2014.
  • Romania has benefited from three waves of financial aid from the EU, totaling $32 billion, since 2009.
  • The Bucharest park is almost fully leased to major logistics operators.

Prologis, a U.S. company and the world’s largest owner of industrial space, recently sold the logistics park Prologis Park Bucharest A1 in Romania to the Czech group CTP.

The deal’s value was around to $56 million, according to published reports. This transaction marks the exit of Prologis from the Romanian market, where it had been present since 2006. Prologis valued the asset at $49.3 million in its 2014 financial report.

Romania, a member of the European Union, has been struggling to recover economically after being hit hard by the global economic downturn of 2008-2009. The country has benefited from three waves of financial aid from the EU, totaling $32 billion, since 2009.

The Bucharest site, the fourth largest logistics park in Romania, is located on the Bucharest-Pitesti highway and includes four warehouses totaling over one-million square feet and 69 acres hectare land.

The park is almost fully leased to logistics operators such as Geodis Calberson, Kuehne + Nagel, H. Essers, and Cargo Partners.

CTP bought three other logistics parks in Romania in recent months: Mercury Logistics Park near Bucharest, Cefin Logistic Park near Arad, and Deva Logistic Park. The group has paid $39 million for those three assets.

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