Valad gains first tenant

Decomar Logistics has taken a 1,800 sqm lease at the new industrial project developed by Australia-based investment fund Valad Property Group within A1 Business Park, which is located 13 km west of Bucharest city center, on the A1 Bucharest-Pitesti highway, the IV Pan-European Corridor, said King Sturge the company responsible for the building design and construction.

Decomar already owns a warehousing facility in Militari area of Bucharest, but has recently taken the decision to extend the range of activities in Bucharest by also providing logistics services to small and medium companies that are willing to outsource their warehouse operations, King Sturge said in a press release.

“The prime rents are now between €4.0 and €4.5/sqm, a decrease of 15-20% from the €4.5 - 5.0/sqm in the first quarter 2009. Most of the current transactions are the result of the relocation of companies that opt for modern buildings with improved services and better facilities at a similar rental level, or from downsizing. Furthermore, King Sturge is registering build-to-suit enquiries that come from distribution and manufacturing companies based in Western Europe or from the United States”, said Irina Iliescu, Industrial Consultant for King Sturge.

The Australian property fund, Valad Property Group, said in March it would start the construction of a new building located within A1 Business Park, the investment being estimated at €1.75 million. The building will boast 9,000sqm spaces for light industrial operations and includes office spaces and storage areas, Decomar Logistics being the first tenant.

Valad Property Group is a leading pan-European multi-let property investment manager based in Australia runs operations in United Kingdom, France, the Netherlands, Germany, Romania and Poland. Two years ago, the fund said it would build industrial parks in 5-7 cities across the country in a joint venture with Cefin Holding, the investment for one project being estimated at €70 million.

King Sturge began its activities in Romania in 2000 and opened a wholly owned office in Bucharest in 2006. The company offers real estate consultancy services, including Property & Asset Management, Investment, Agency, Valuation, Project Management & Building Consultancy.

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