BUCHAREST (Romania), September 13 (SeeNews) - Romanian industrial and logistic projects developer Element Industrial plans to invest 25 million euro ($29.4 million) in a new logistics park near the eastern city of Braila, it said on Monday.
Located in the Free Economic Zone of Braila, Eli Park Braila will have a total area of 50,000 sq m, Element Industrial said in a press release.
"We recently received the building permit for the first phase, of 10,000 sq m, an excellent option for distribution, production or logistics, with direct access to European route E584," Element Industrial managing director Andrei Jerca said.
The project will be developed in three phases.
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 was founded in 2018 by Romanian entrepreneurs Ionut Dumitrescu and Muler Onofrei.
In January, the company announced that it plans to invest 37 million euro in a new logistics park near Bucharest.
In September 2019, Element Industrial said that it has over 300,000 sq m of logistics parks in the pipeline by 2022.