Globalworth begins construction of Constanta Business Park
the largest mixed-use park in Romania
Globalworth begins construction of Constanta Business Park, the largest mixed-use park in Romania
The park is being developed in a strategic location, connected to the largest port in Europe and three major pan-European transport corridors
Bucharest, 18 December 2019: Globalworth Industrial, the industrial and logistics sub-brand of Globalworth, the leading office investor in Central and Eastern Europe, has begun construction at Constanța Business Park, the largest mixed-use project in Romania. The business park is being developed on a plot of some 100 hectares and will include industrial and logistics, production and service space, as well as office buildings and an intermodal hub.
”We chose to develop this project in Constanta because we can offer future tenants a number of unique advantages thanks to its strategic location. Constanta County benefits, above all, from the best infrastructure connectivity in Romania, with easy road and rail access, as well as access to maritime and river routes. In this respect, Constanta Business Park will become the best location for developing supply chain operations. Constanta is also the most urbanised county in Romania and is in the top five by number of students and college graduates, offering its tenants access to a well-trained workforce” said Mihai Zaharia, Director of Investments and Capital Markets at Globalworth.
Constanta Business Park is located near Constanta Port, the fourth largest port in Europe by size. In addition, it is connected to three major pan-European transport corridors: Corridor IV (Western and Eastern Europe), Corridor VII (Danube) and Corridor IX (Northen and Southern Europe).
The development of Constanta Business Park will run from 2019 to 2024 and be executed in several phases, resulting in a rentable area of over 550,000 square metres on completion. In the first phase, which is now underway, Globalworth Industrial intends to develop a logistics warehouse with a rentable area estimated at 21,000 square metres. The first stage also includes the infrastructure of the project, the access roads and connection to the main road, with works scheduled to be completed in 2020.
In common with all projects developed by Globalworth, Constanta Business Park is grounded on sustainable solutions and will respect the environmental policies upheld by the company.
The Constanta Business Park project is being developed through the strategic partnership with Global Vision, a company with over 15 years’ history in the industrial and logistics segment and extensive expertise in the services and management of construction and civil engineering.
”It is a far-reaching project, intended to become the largest business hub in the eastern and south-eastern part of Romania. We have agreements in principle with companies in the fields of production, distribution and logistics for space in the first building, starting in the second quarter of next year. The rental demand for logistics space, reconfirming the potential of the Constanta region, is of particular interest. At the same time, we are in advanced discussions with two retailers with whom we will define the specifications and conditions for collaboration for commercial space in the park. We will continue to promote this project in Romania and, of course, to foreign investors, for both the production and research and development space”, added Șerban Juverdeanu, Head of Development at Global Vision.
Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland. Globalworth acquires, develops and directly manages high-quality office and logistics/light-industrial real estate assets in prime locations, generating rental income from high quality tenants from around the globe. Managed by over 200 professionals across Romania and Poland, the combined value of its portfolio is €2.85 billion, as at 30 June 2019 pro forma for subsequent acquisitions. Over 95% of the portfolio is in income-producing assets, predominately in the office sector, and leased to a diversified array of some 685 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara, Constanta and Pitesti, while in Poland its assets span Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice.
Globalworth Industrial is a platform for development and investment in the logistics and industrial real estate market, which has so far gathered in its portfolio premium parks in strategic locations such as Pitești and Timisoara. This sector of the Globalworth company benefits from a rapid expansion, with large projects in progress near the cities of Constanța, Bucharest and Timisoara.
At the end of June 2019, the Globalworth Industrial portfolio had a total area of 190,000 sqm.
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