Prologis Sells Logistics Park near Bucharest to 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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