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Romania's Element Industrial, Dedeman to jointly invest in logistic-industrial project

Romania's Element Industrial, Dedeman to jointly invest in logistic-industrial project

BUCHAREST (Romania), June 6 (SeeNews) - Romania's Element Industrial and Dedeman have partnered up to jointly invest in the development of Eli Park 1 logistic and industrial project.

Located in Chitila-Buftea area, which is transforming into a new proximity logistic hub for Bucharest, Eli Park 1 will cover a gross leasable area (GLA) of 50,000 sq m, Element Industrial said in a statement on Wednesday.

Construction works for the first phase of 20,000 sq m are on schedule, and the project is expected to be delivered this summer.

After the delivery, Element Industrial will start the works for the second phase of the project. The first tenant of the logistic park is Paste
Baneasa which has leased 5,000 sq. m.

The logistic project is served by several public transportation lines and is located 4 km from Bucharest Ring Road, with direct access to a national four-lane road, DN 7.

Element Industrial, founded in 2018 by Romanan entrepreneurs Ionut Dumitrescu and Muler Onofrei, is targeting the development of a portfolio of industrial and logistic projects under the Eli Park brand in the country.

The first ones are in Bucharest – Chitila area and Craiova – south ring road. At the same time, the developer provides an integrated built-to-suit package for production and storage facilities.

Founded in 1992 by two Romanian entrepreneurs, Dedeman was mainly focused on do-it-yourself retail but later developed into a group interested in becoming a local real estate player. It currently has 10,600 employees working in 49 stores across Romania.

Last month, Dedeman said it has bought The Office Cluj Napoca building from businessman Ovidiu Sandor and NEPI Rockastle for an undisclosed price.