Developer Cefin Real Estate Asset Management (CREAM) has bought back the Cefin Logistic Park Arad real estate project from investment fund Europolis. The value of the deal was not disclosed.  The two companies had signed a forward purchase contract in 2007, which included a pledge of EUR 34 million investments for the fund. Cefin says the decision to buy back the industrial park was based on the desire to continue investments.

Cefin Logistics Park Arad is located on a 94,000 land plot south of the Arad city. The built area includes a 44,000 sqm warehouse, offices on 2,600 sqm and 4,000 sqm of multifunctional spaces. The first phase of the project, the warehouse area, is finalized and up for rent.

Europolis owns an industrial project developed by Cefin close to the Bucharest – Pitesti highway, which was bought in 2004 through a EUR 75 million forward purchase deal. In Romania, the investment fund, one of the first funds to have entered the local market in the early 2000, owns the Europa House office building in Victoriei square in Bucharest.

editor@romania-insider.com

(In picture, Stefano Albarosa, CEO of Cefin)