Delin Development Group, Russia’s biggest real estate developer said today it had acquired the assets of Belgian Immo Industry Group, which went bankrupt in mid February.
In Romania, IIG had two industrial projects on the drawing board, in Satu Mare and in Bucharest. The developer announced last year it had two land plots under management of nearly 40 hectares, estimating total investments at 100 mln euros.

Together with the management board of IIG, Delin will send a new player in the marketplace, Ulogis. The newcomer is ready to storm the industrial and logistic segments, keeping focus on European market for start.

Financial crisis’ first casualty in Romania

Ulogis aims at becoming a major player in the local real estate environment, focusing on: management and enlargement of IIG’s portfolio, tailor-made industrial and logistics real estate constructions and speculative acquisitions. Ulogis has 29 real estate projects under management.

After IIG filed for bankruptcy, Delin submitted a takeover bid for its assets that include a portfolio of 800,000 sqm as well as IIG’s management team. Thus, Filip Schelfhout, chief executive officer of IIG will take up the same position in the newly-formed Ulogis.

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