First Property sold Tureni Logistic Warehouse in a transaction advised by Colliers

UK-based commercial property fund manager and investor First Property Group completed the sale of Tureni Logistic Warehouse, with a total area of about 8,300 square meters, in a transaction brokered by the real estate consultancy company Colliers.

Located in the Cluj region, one of the most sought-after locations for I&L hubs due to the proximity to the western border, Tureni Logistic Warehouse currently has a 10-year lease agreement with Teconnex, a company that designs and manufactures v-clamps, pressed clamps, and other joint technology solutions for the automotive, aerospace and industrial sectors. The asset is in its second transaction, after being initially acquired by the seller as a leaseback project in 2007.

“The transaction is important in the context of a very compact I&L market, where new developments are largely retained in the portfolio, and proves that there is liquidity in the local real estate sector, being a reference for future transactions and contributing to increasing confidence of potential new investors in Romania”, says Anca Merdescu (photo), Associate Director Investment & Debt Advisory at Colliers Romania.

Overall, the industrial and logistics market continues to be among the most dynamic sectors. As of mid-2022, Colliers specialists estimate a volume of around €60 million in industrial real estate transactions, representing around 17% of the total investment transaction volume. With 5.6 million square meters of modern storage space at the end of 2021, Romania is the third largest industrial and logistics market in CEE-15.

Last year, First Property Group sold its last remaining retail space for €1.25 million, after buying the premises of nine Lidl supermarkets in Romania for €10.5 million with several investors in 2016. The group also owns on the local market the Maestro Business Center office building in Cluj and a 3,000 square meters office building in the Victoria Square area.