Teesland buys Industrial Park A1

Teesland IOG, an investment fund based in London, has this month acquired the Industrial Park A1, for 70 million euros from Italian company Cefin Real Estate. The park is located nearby the Cefin Logistic Park, 14 kilometres from Bucharest on the highway in the direction of Pitesti. “The decision to sell the A1 industrial park is part of Cefin Real Estate’s strategy to form partnerships with investment funds in order to expand projects. The already existing buildings, which were constructed last year, were sold and an agreement has been signed, which specifies that any future constructed industrial facilities will come under the ownership of Teesland,” George Margescu, general manager of Cefin Real Estate, told ZF. Cefin Real Estate will continue to be the administrator and developer of the project. The transaction was brokered by consulting company Colliers International. The Industrial park A1 covers a 35-hectare plot of land, with the area available for rent standing at around 75,000 sqm, according to the latest available data. Cefin Real Estate acquired the industrial park A1 last year and has invested around 34 million euros in its development. Funds for the acquisition and development of the project came from Austrian bank Investkredit. The Italians at Cefin are also involved in the development of the Cefin Logistic Park, which was sold to Europolis in 2004. The total value of this project is approximately 150 million euros divided into two even shares.