Real estate developer VGP completed the acquisition of about 25 hectares north of Bucharest (in Stefanestii de Jos ) from Willbrook - a real estate developer indirectly controlled by Israeli billionaire Eyal Ofer.

VGP, founded and controlled by Belgian millionaire Jan Van Geet, will use the land to develop its first logistics park in Bucharest.

The plot is located at the intersection of the A3 motorway with the Bucharest ring road and can be valued at about EUR 5 mln, based on transactions made in the area, Profit.ro reported.

This is one of the largest land transactions in terms of size. The planned logistics park will consist of four buildings with a total area of about 120,000 sqm, dedicated to companies logistics, e-commerce, and retail companies.

The project's development will require almost EUR 60 mln, according to Profit.ro calculations. The construction of the first building, with an area of 8,000 sqm, is scheduled to begin in June 2021, with delivery due in December 2021.

(Photo: Pixabay)

andrei@romania-insider.com