Warehouses DePauw (WDP) has completed two logistics units, in Brasov and Ploiesti, and has another four projects under construction.
For these, the Belgian real estate developer envisages investments of EUR 25 million and a total area of 40,000 sqm, the latest financial report of the company shows.
The project in Brasov covers an area of 5,000 sqm and the existing tenant, Inter Cars, has been doubled. The investment budget for this project is approximately EUR 2 million. Inter Cars has signed a ten-year lease for the new build, and has also extended the contract of its existing buildings for the same period.
In Ploiesti there is a new build of 12,000 sqm for Federal-Mogul, an internationally renowned manufacturer and supplier for the automotive sector. Federal-Mogul has signed a ten-year fixed lease. The investment budget is approximately EUR 7 million.
In Braila WDP is developing a warehouse of approximately 16.000 sqm of storage space on a plot of concession located near the Danube. After phased completion (scheduled in the autumn 2015), the space will be rented by the Japanese company Yazaki, a renowned international supplier to the automotive industry, on the basis of a long-term lease of fifteen years, with an option to extend. Yazaki is currently already active at several locations in Romania. This project requires an investment of approximately EUR 9 million.
As regards WDP’s project in Ramnicu Valcea, Faurecia, a global player in the development and supply of car parts, will move into a newly to be developed warehouse of approximately 12,000 sqm at this site, strategically situated along Pan-European Corridor IV – one of the Pan-European corridors, important in the transport sector – on the basis of a ten-year fixed lease. WDP anticipates its completion in Q1 2016 and an investment amount of approximately EUR 8 million for this project.
The Belgian real estate developer has also a project situated along Pan-European Corridor IV and in the immediate vicinity of Sibiu’s international airport. The construction is underway of a logistics warehouse of approximately 8,000 sqm for supply to the railway sector by tenant Siemens.
Siemens has entered into a ten-year rental commitment for this purpose. WDP anticipates that this new build will be completed in the course of the second quarter of 2016. The investment budget is approximately EUR 5 million.
Also, WDP will develop in Sibiu a strategic hub, consisting of a warehouse with offices of approximately 4,500 sqm and a large car park for DPD, a current tenant in Courcelles, Belgium.
DPD has signed a fifteen-year fixed lease. WDP anticipates completion in the course of the second quarter of 2016. The investment budget is approximately EUR 3 million.
The total value of WDP’s projects in progress, including in Romania amounts to EUR 68.6 million.
In late September, WDP had in Romania three leased property with a total area of almost 26,000 sqm and nearly 100 hectares of land. The total value of the properties owned in Romania amounts to EUR 40.3 million, representing 2 percent of the total portfolio.
Of all the countries where WDP is present – Belgium, Netherlands, France – the properties in Romania have the highest investment yield of 8.9 percent.