ProLogis, highly active in Central and Eastern Europe, is developing its first industrial facilities in Romania, on a 28-hectare site west of Bucharest on the A1 motorway, the country's primary transit corridor.
Plans for ProLogis Park Bucharest A1 call for six buildings with more than 1.7 million square feet of industrial space. Initial investment will consist of land acquisition, infrastructure improvements and construction of two distribution centers comprising 609,000 square feet, with completion of the first facility planned for the second half of this year.
"Our company now has market-leading positions in Poland and Hungary as well as one of the largest industrial platforms in the Czech Republic," says Walt Rakowich, ProLogis president and COO. "We're pleased now to be entering Romania, where we see a combination of robust demand for state-of-the-art facilities and a shortage of high-quality supply."
Muler Onofrei, ProLogis market officer for Romania, noted that vacancy rates for modern industrial buildings are already very low in Romania today-about 2 percent. "Romania's scheduled admission into the European Union in January 2007 should accelerate demand even further."
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