The developer also plans to start new investments in Cluj and Constanta.
“Following the demand of existing tenants, Helios Phoenix decided to extend the Timisoara park with a 20,000 sqm built-to-suit unit and intends to also extend the industrial park in Brasov with approximately 5,000 sqm. The extension in Timisoara has already started and construction works will be finalized in the second quarter of 2015,” Colliers International, property manager for Olympian Parks, said in a press release Tuesday.
The industrial portfolio with an existing total area of 45,000 sqm, owned initially by GE Capital Real Estate together with Helios Phoenix, was transferred last year in full ownership of the Helios Phoenix group, following GE Real Estate’s decision to withdraw from Eastern Europe.
Olympian Park Brasov offers 17,880 sqm of storage spaces and it is fully occupied since the fall of 2013. The tenants of the project are Rolem (6,000 sqm), Terwa (3,600 sqm) and KHD (6,000 sqm).
The 27,280 sqm project developed in Timisoara was delivered on the market in the second quarter of 2011 and reached a 100% occupancy level in February this year, after the global solutions provider for the energy sector AMSC leased a 2,700 sqm space. The project also houses the electronic equipment manufacturer TT Electronics (15,000 sqm) and the logistic operator KLG Europe (7,300 sqm).
“The Olympian platforms were well received by tenants whose vote of confidence is demonstrated by their decision to continue their expansion plans within the company’s developments. We are now looking to break ground in Cluj and Constanta and are close to repositioning ourselves in Bucharest after the sale of Innovation Business Park,” said Helios Phoenix development director Athos Myrianthous.
Helios Phoenix sold the Innovation Business Park this year to Secure Property Development & Investment for EUR12.6 million.