Logicor, Phoenix to develop 600,000 sqm of logistics in Romania

Logicor and Phoenix Real Estate are planning to develop around 600,000 sqm of logistics space in Romania. The news was announced at CEDER. Logicor’s Romanian portfolio currently includes 100,000 sqm in four logistics parks and more than 1 million sqm of land for future development. “In Romania, we benefit from a very large portfolio of land, and we have plans for almost 450,000 sqm,” Mihai Diaconescu, country manager at Logicor, said at CEDER. He added that the company is considering increasing its market share through acquisitions, but the number of projects is limited. “In our last Mogosoaia park, 25 percent of the space was rented when we started construction, but by completion, we rented it all,” he said.
Phoenix Real Estate also has high hopes for Romania’s market potential. “The 4 to 5 percent industrial growth that Romania has enjoyed in recent years has also led to the development of industrial and logistics spaces. We have the area plans for projects amounting to nearly 200,000 sqm, which we intend to develop over the next 24 to 30 months,” said Nestor Myrianthous, managing director of Phoenix Real Estates. He specified that one of the projects that has had a PUZ in place since 2007 targets Constanta, but work there had been postponed due to the financial crisis. “It’s a mystery why Constanta does not yet have a modern industrial park, especially as it is the largest port in Eastern Europe and could have a good base of tenants,” Myrianthous said.