First Property sold the Tureni Logistic Warehouse in Cluj

The asset is in its second transaction, after being initially acquired by the seller as a leaseback project in 2007

UK-based commercial property fund manager and investor First Property Group completed the sale of Tureni Logistic Warehouse, a location with a total area of about 8.300 square meters, in a transaction brokered by Colliers.

Located in the Cluj region, Tureni Logistic Warehouse currently has a 10-year lease agreement with Teconnex, a company that designs and manufactures v-clamps, pressed clamps and other joint technology solutions for the automotive, aerospace and industrial sectors.

Last year, First Property Group sold its last remaining retail space for EUR 1.25 million, after buying the premises of nine Lidl supermarkets in Romania for EUR 10.5 million with several investors in 2016.

The group also owns on the local market the Maestro Business Center office building in Cluj and a 3.000 square meters office building in Bucharest, Piata Victoriei area.

First Property Group plc has operations in the United Kingdom and Central Europe and its focus is on higher yielding commercial property with sustainable cash flows.

As of mid-2022, Colliers specialists estimate a volume of around EUR 60 million in industrial real estate transactions, representing around 17% of the total investment transaction volume. With 5.6 million square meters of modern storage space at the end of 2021, Romania is the third largest industrial and logistics market in CEE-15.

SEE ALSO: Romanian M&A market made a strong recovery in 2021

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