Another 75,000 M² in projects under development in Romania – WDP Development
In Romania, through its joint venture WDP Development RO, WDP announces another series of new developments under construction, for a total area of some 75,000 m². The new projects are for both existing and new clients.
Projects under development for both existing and new clients
The newly announced projects under development reflect the trust that existing clients place in our company, as well as the fact that the existing high-quality sites in Romania are attracting new clients who want to expand strategic sites for their operations in partnership with WDP.
The further expansion of our client base is evidenced by the 4,800 m² expansion for Faurecia in Ramnicu Valcea, slated for delivery in 2017. Faurecia is also extending the lease at its current site and signs on to a ten-year lease contract for all of its buildings. In addition, the site under construction (over 11,000 m²) for logistics service provider CEVA Logistics in Oarja is already undergoing an expansion of some 29,000 m², to be delivered in the second quarter of 2018 under a three-year lease.
The existing site at Paulesti (in the Ploiesti region) will welcome two new tenants in the summer of 2018: Global Enterprises International, a supplier in the automotive sector, and construction firm Norwest Romania, for a total of 14,000 m², with leases of seven years and ten years, respectively. The Timisoara site will also add a new tenant to the property portfolio: after delivery, scheduled for the first quarter of 2018, logistics service provider TE Connectivity Solutions will move into a newly built warehouse of over 8,000 m² and sign a ten-year lease (with break option after seven years). In Oradea, WDP has started construction of a second warehouse with an area of over 16,000 m² for automotive supplier Inteva Products Salonta, which will enter into a ten-year lease contract for the site after delivery in the third quarter of 2018. WDP has also announced the first new construction project at its site in Constanta, strategically located with direct access to the Black Sea. For Vestasceu Romania, specialising in wind energy, WDP is building a custom warehouse of around 2,300 m², which must be ready for operation in the second quarter of 2018 and is rented out for five years.
For the entirety of its projects under construction, WDP projects an initial gross rental yield of around 9%, based on a total investment budget of about 35 million euros1.
Joost Uwents, CEO of WDP: “We are pleased that the strategically selected sites in Romania are attracting both existing and new clients.” “Their activities are enjoying a boost from the continued growth of the Romanian economy,” adds Jeroen Biermans, General Manager at WDP Romania.
1 Based on 100% of the investment
WDP develops and invests in logistics property (warehouses and offices). WDP’s property portfolio amounts to more than 3 million m². This international portfolio of semi-industrial and logistics buildings is spread over more than 160 sites at prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg and Romania. More information about WDP can be found at www.wdp.eu
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