Prague and Brussels-listed logistics developer VGP has acquired a site near Bucharest, Romania, where it is planning to develop 120,000 sq m of logistics and light industrial space.
VGP Park Bucharest is being developed on a 250,000 sq m site and will comprise four buildings. The site is in the northern part of Bucharest at the intersection of the A3 highway and Bucharest ring road which enable rapid access to the city centre.
VGP commented that the park’s location and local labour availability make it likely to attract companies active in logistics, e-commerce and retail.
Construction of the first 28,000 sq m building will start in June with delivery expected in December. VGP is aiming to achieve BREEAM Very Good certification for the project.
Bucharest is EU’s fourth largest city
Bucharest is the fourth largest city in the EU and has a population of around 2.3 million people in the metropolitan area. Half of the country’s stock of modern A class logistic space, about 5 million sq m at the end of 2020, is situated in the Bucharest region.
Adrian Crizbasianu, country manager VGP Romania, said that “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.”
VGP Romania has parks in Timisoara and Sibiu and other developments underway in Brasov and Arad. The Group has a total of 77 parks located in twelve European countries and is on a path of expansion in all of its markets.