$10m investment in warehouses

Atlas Realty & Development has invested ten million dollars in building a storage and office complex in Pipera, Bucharest, Nicholas Stamboulis, company representative said. The complex, Atlas Business Centre is located on an 85,000 sqm piece of land and is operated by the Dutch transports and logistics company Frans Maas. The third stage of the complex, which comprises 4,500 sqm in storage space and 800 sqm of office space officially opened on Wednesday, with Stambouli saying three or four more warehouses will be built in the next three to five years. “Building a warehouse also fitted with office space entails a $1.2-$1.5 million investment,” Stamboulis explained. The company will therefore allot $5-$6 million more over the next period. “The cash for investments comes from both our resources and from banking loans,” the Atlas official said, adding that, as soon as the storage facilities were built, the company would move on to erecting an office space-only building, to take up 7,000 sqm. ZF