April 27 (SeeNews) - Romanian industrial and logistic projects developer Element Industrial plans to invest 20 million euro ($21.4 million) in the second phase of its logistics park project in northwestern Bucharest, it said on Wednesday.
Element Industrial will add a further 30,000 sq m to Eli Park 3 in the fourth quarter of 2022, it said in a press release.
"We maintain an aggressive pace of development and will soon exceed the 100,000 sq m mark at ELI Bucharest North-West Hub," Element Industrial managing director Andrei Jerca said.
The local division of the Polish group FERRO, which sells sanitary equipment and installations, has just pre-leased an area of 16,000 sq m in the industrial park. Earlier this month, Element Industrial announced the completion of the first phase of ELI Park 3.
Founded in 2008, the Element Group, Element Industrial’s parent company, focuses on real estate development. Its subsidiary, Element Industrial, was founded in 2018.
Element Industrial operates logistics parks under the Eli Parks brand in Bucharest, Pitesti, Craiova, Bacau, Braila and Ploiesti, as well as smaller warehouses, under the Eli Xpress brand.
The company ended 2020 at breakeven on a turnover of 1.2 million Romanian lei ($263,000/243,000 euro), according to data published by the finance ministry.
(1 euro=4.9457 lei)