KLG (Kuijken Logistics Group) Europe Logistics, the Dutch logistics operator of Domo retailer of electrical home appliances, rented 15,000 square metres of warehouses and 550 square metres of office space in Cefin Logistics Park, according to DTZ Echinox, the broker of the transaction.
The average rent for a warehousing space generally ranges between 4.5 and 6 euros per square metre per month, according to real estate market players, while the average duration of a contract is of around five years. Under the circumstances, the total value of the deal is likely to go beyond 4 million euros, making this the biggest transaction sealed on the market this year.
The logistics operator will occupy 60% of the Cefin building, which is part of the second part of the project, due to be finalised by yearend. Thus, KLG will hold around 20% of the overall warehousing space built so far within Cefin Logistics Park.
By yearend, Cefin Logistics Park will provide 80,000 square metres of warehouses, namely more than 50% of total warehousing space on the Romanian logistics market. So far, around 55,000 square metres of warehouses have been rented out.
After looking for partners for a long time, Cefin sold the logistic project to Europolis real estate investment fund in the autumn of 2004, amid the rising interest of international investors in the domestic real estate market.
Cefin entered the domestic market as a dealer for Iveco Italian brand. After considerably investing in expansion, the Italians decided to enter the real estate market as well, through the Cefin Logistic Park project.
The deal between Europolis and Cefin first involved the acquisition by the Austrian group of the company developing Cefin Logistic Park project, which was in the first of the three development stages at the time.
KLG coordinates transportation between warehouses, stores, as well as home deliveries for Domo customers. KLG took over the logistic operation, also including the 6 regional warehouses, located in Bucharest, Constanta, Craiova, Cluj-Napoca, Timisoara and Targu Secuiesc.
The amount of industrial space in Romania may expand to 1 million square metres in 2010, from the current level of 520,000 square metres, if the projects announced are completed, according to CB Richard Ellis.
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