VGP a pan-European developer of logistics and industrial real-estate announced on Thursday the acquisition of a new land plot of 250,000 square meters (sq m) in the northern part of Bucharest, where it plans to build a business park.
The multi-tenant business park, VGP Park Bucharest, will have a total potential lettable area of about 120,000 sq m divided over four buildings.
“Construction of the first building with a surface of 28,000 sq m is planned to begin in June, while the expected date to complete the project is for December. The business park aims to offer flexibility to potential tenants in terms of layout and build-to-suit options,” according to the press release.
The position of the business park will be located at the intersection of the A3 highway towards Ploiesti and Brasov to ensure direct and fast access to the city centre.
“We are very pleased to have acquired a strategically located plot of land near the Romanian capital so as to enter the Bucharest market. As technological changes, e-commerce will continue to be an important factor for the demand for high-standard facilities, we have experienced an increase in demand from potential tenants,” said Adrian Crizbasianu, the country manager of VGP Romania.
The VGP Group has been in Romania since 2007 and owns business parks in Timisoara and Sibiu as well as parks under construction in Brasov and soon in Arad. The Group has a total of 77 parks located in twelve European countries and is on a path of expansion in all of its markets