FM Logistic, a logistic services operator, rented a 13,000 square metre space inside the Cefin Logistic Park industrial project, according to DTZ Echinox, the broker of the deal.
The value of the deal has not been disclosed, but based on an average price of 5-euros per square metre per month, and an average duration of 5-7 years, the contract is likely to be worth more than 5 million euros. Thus, in terms of the area involved, this is this year''s second biggest deal on the industrial space market.
The biggest deal was that concluded by the retailer Minimax Discount, which rented 14,000 square metres inside the Mercury Logistic Park project.
The Romanian office of FM Logistic, part of the French group of the same name, is the second company to rent space in the second phase of the Cefin Logistic Park project and will occupy about 40% of the building, a warehouse with an area of 33,000 square metres.
With this deal, DTZ Echinox has rented a total of 25,000 square metres of the Cefin Logistic Park in 2005, accounting for 50% of the total deals completed on the logistic market this year, according to the company''s own estimations.
The first company that rented space during this stage of the development was the distribution company Macromex, which recently rented an area of 7,000 square metres in the Cefin park.
The company''s representatives expect the second phase of the Cefin project to be rented out by the end of this year, while construction works for the third phase of the project, covering an area of 25,000 square metres, will end in the third quarter of 2007.
In the second half of last year, Austrian investment fund Europolis got involved in the development of the Cefin industrial project. The deal between Europolis and Cefin first involved the Austrian group''s purchase of the company developing the Cefin Logistic Park, which was in its first development phase at that moment. Subsequent phases were to be financed by funds secured by Europolis.
When the project is finalised, the Cefin Logistic Park is supposed to include warehousing spaces totalling about 150,000 square metres. The area on which the project is being developed on exceeds 300,000 square metres, while the value of the project is put at about 70 million euros. The total area of industrial spaces in Bucharest has now reached about 100,000 square metres, with the respective areas located in the western and northern parts of the city.
In the coming years, the large number of projects to be developed will bring about 800,000 square metres of new industrial spaces onto the Romanian market.
alexandru.cerchez@zf.ro
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