The transaction was advised by Cushman & Wakefield Echinox
CTP, the leading premium industrial park developer and long-term manager in Romania and Central and Eastern Europe expands its portfolio in the vicinity of Bucharest, on the A1, at Km 13, the ground zero of the industrial logistic market in Romania, buying Equest Logistic Park for approximately EUR 30 million from Forum Serdika.
The Cushman & Wakefield Echinox team that managed the sale process and assisted the seller was led by Tim Wilkinson, Partner Capital Markets, Dana Sava, Senior Consultant Capital Markets and Dan Spiru, Senior Analyst. The team further consolidated their position as the most successful industrial & logistics investment transactional team over the past 15 years, with the sale of Equest Logistic Park.
Equest Logistic Park is an A class logistics property with a strong and consistent performance history, a multi-tenant warehouse complex located in the largest industrial sub-market in Romania: Km 13 of the A1 motorway. The property fits well in CTP’s larger portfolio, with its 3 buildings that can accommodate flexible occupier needs in a single building. The property has had a stable portfolio of tenants throughout recent economic cycles, including important national and international online retailers, logistics and light-production companies, such as Garrett, Elmec Group, Hilti, BDG Group & Telekom.
Tim Wilkinson, Partner Capital Markets Cushman & Wakefield Echinox: “This transaction reflects the continuing consolidation that we are seeing on the highly active industrial market. Leading investors are seeking to acquire assets that fit strategically well with their portfolio, reducing the fragmented ownership nature of the market.
We are delighted to have advised the owner of Equest Logistics Park on this transaction. It was closed during a very challenging period in terms of unprecedented disruption to normal work and social routines. It shows that the market is still active and that it will navigate difficult obstacles, as it has shown to have done so in the past. It is a much more mature market than the last time we faced significant challenges.”
Dana Sava, Senior Consultant, Capital Markets Cushman & Wakefield Echinox: “The transaction is proof that the logistics & industrial market has reached a level of liquidity that when an A class property is brought to market, the level of interest is strong from investors both active locally and looking to enter Romania. We expect the industrial investment market to strengthen even further and rapidly, as we move beyond the current challenges that we are facing.”
Cushman & Wakefield Echinox is a leading real estate consulting company in the local market, operating in all real estate market segments. The company’s Capital Markets department has been involved in 2019 in the processes of selling prime real estate assets in Romania with a market value of over 250 million EUR.
The Capital Markets department has been a leader in bringing new investors to Romania and advising landmark investment transactions: last year Morgan Stanley (America House) and Indotek (Promenada, Targu Mures) invested for the first time in mandates managed by Cushman & Wakefield Echinox. In 2019, Cushman & Wakefield Echinox were involved in transactions worth EUR 140 million that saw new investors enter the country, 20% of the total investment volume for last year.