Cefin wants 7 more industrial parks in Romania

“We have talked to about 60 mayors in major cities around the country about the future projects, but have not yet finalized the study on the location of the parks,” said Stefano Albarosa, CEO of Cefin Holding.

The projects will be developed through the Cheuro company, a joint venture set up by the two investors. The first project to be developed is due to be located near the Bucharest-Pitesti Highway, namely the A1 Business Park project, acquired last year by the British Teesland fund for €70 million. The A1 Business Park will cover 300,000 square meters, cost €200 mln, and take 36 months to build.

“We want to replicate the A1 Business Park model in other cities with over 100,000 inhabitants,” said Umberto Albaroso, member of Cefin Holding’s Board of Directors, adding that the average land needed for each such project is 20 hectares.

Cefin Real Estate Romania was established in 1998, as a real estate division of Cefin Romania. In addition to A1 Business Park, the company is also involved in the residential, office and commercial space sectors. Its total constructed surface delivered to date in Romania is 350,000 sqm, with a market value of €150 mln. One of the company’s most important projects is an office building, located along Barbu Vacarescu Boulevard, in northern Bucharest, worth €220 mln, and acquired by the Austrian Europolis investment fund. Cefin’s newest project is an office building in the national DN1 road region, covering 30,000 sqm, and which attracted an investment of some €30 mln. The developer has 2.5 million sqm of land in Romania, and is currently also carrying out real estate projects in Constanta, Timisoara, Iasi, Bacau and Galati.

Australian Valad group took over the British Teesland fund last year, the latter changing its name after the takeover. Valad administers funds worth over €12 billion internationally. The company has a €2 bln budget for the acquisition of new properties in Europe in the coming 12 months.