GE Real Estate has teamed up with Helios Phoenix to fund a €175m (£117m) development programme in Romania.
The tie-up was announced today. The agreement will enable Helios Phoenix, a joint venture between Helios Properties and Romanian developer Phoenix Real Estate, to begin the speculative development of units in Bucharest, Timisoara, Constanta, Brasov and Cluj.The joint venture will initially develop seven schemes totalling 3.4m sq ft (315,000 sq m). Karim Habra, managing director of central and eastern Europe at GE Real Estate, said: ‘These developments will be the first bespoke portfolio of logistics warehouses in Romania, a market which is currently undersupplied.
‘The recent EU accession is expected to further enhance Romania’s GDP growth and consumer and industrial demand, which in turn will lead to greater demand for warehouse space.’‘Romania represents our 8th market in the region and as in prior markets we hope to build our presence in the market through partnerships with local players, such as Helios.’