“We are negotiating with Europolis to take the Arad [western Romania] project back. There was a forward-purchase contract, which we cannot execute, as we have not found any tenants. Instead of selling it for a song, one had better hold on to it until it is worth more, and sell it later,” the Managing Director of Cefin Romania, Stefano Albarosa, told Business Standard.
The Italian company leased 14,000 square meters of the Arad project, namely one third of the available space, and halted all plans for the project’s expansion. Cefin received more than €50 mln in the first six months of this year, from contracts signed in previous years. Most of this amount, namely €30 mln, was paid by Europolis for three warehouses within the Cefin Logistics Park near Bucharest, a project acquired by the Austrian fund in 2004.
“In the first part of this year, we obtained €30 million for three industrial warehouses in the Cegin Logistics Park. The remaining €20 million came from businesses we are developing in Arad and Timisoara. Old contracts are beginning to run out. We have very little left to receive from the Europolis contract,” Albarosa said.
