The value of the acquisition was not made public but, according to MEDIAFAX estimations, it might reach between EUR10 million and EUR13 million.
“The acquisition will be the company’s first outside of Ukraine and marks the commencement of Secure’s stated strategy of both growing and diversifying its portfolio across the economies of South Eastern Europe,” the company said in a press release.
Innovations is a fully-let 17,000 sqm gross leasable area logistics park located in Clinceni, on the Bucharest ring road. The anchor tenant is Nestle which leases more than 60% of the gross leasable area.
“This acquisition is expected to increase the company’s annual net operating income by over 60%,” the release reads.
The company’s representatives said that Romania is the largest economy in South Eastern Europe, has been recovering well in recent quarters while unemployment in Bucharest is around 4%. At the same time, the country’s fundamentals outperform substantially any other economy in the region.
Logistics is considered to be among the fastest growing asset classes for the next few years, the company’s representatives added.
Cyprus-registered Secure Property Development & Investment was established in 2005, mainly focusing on Ukraine.