VGP enters Bucharest market by acquiring a prime land plot for the development of it’s newest Romanian park: VGP Park Bucharest (North)

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  • Strategically located land plot of 250,000 m2
  • VGP Park Bucharest will offer up to 120,000 m2 GLA
  • First building with total GLA of 28,000m2 to be delivered Q4 2021
  • All buildings to be certified at least BREEAM Very Good

 

Bucharest, Romania, 4 March 2021 – VGP, a pan-European provider of high-quality logistics and semi-industrial real estate, announces the acquisition of a new land plot in a prime location near Bucharest and the start of development of its new multi-tenant business park VGP Park Bucharest.

VGP Park Bucharest is being developed on a land plot of approx. 250,000 m2 and will have a total potential lettable area of about 120,000 m2 divided over 4 buildings. The park offers flexibility to potential tenants in terms of layout and build-to-suit options.

The park is located in the northern part of Bucharest. Positioned exactly at the intersection of the A3 highway with the Bucharest ring road and having direct access to both, the park is located ideally for ensuring direct fast access to the city centre as well as perfect connection for distribution around Bucharest and north-bound via A3 highway towards Ploiesti & Brasov. The site’s location, in addition to the labour availability in this part of Bucharest, makes it ideal for companies active in the logistics, e-commerce and retail industries, being a perfect site with direct access to city centre for last-mile distribution.

Construction of the first building with a surface of 28,000 m2 is planned to be kicked-off in June 2021. Delivery is expected for December 2021.

Economically, Bucharest – the fourth largest city in the EU with a population of around 2.3 million people in the metropolitan area – is the most prosperous city in Romania with a number of large convention facilities, educational institutes, cultural venues, traditional ‘shopping arcades’ and recreational areas.

Bucharest also hosts almost half of Romanian stock of modern A class logistic space, estimated to about 5 million m2 at the end of 2020, thus being the primary market for the industrial real estate segment.

Adrian Crizbasianu, Country Manager VGP Romania, stated: “We are very pleased to have acquired this strategically located land plot near the Romanian capital and thereby to enter Bucharest market as well.  With technological changes and e-commerce continuing to be an important driver for demand for high standard facilities, we experience a solid demand from potential tenants.  With this new park, we can offer high quality & sustainable premises on a top Bucharest location.”