December 21 (SeeNews) - Belgian logistics property developer Warehouses de Pauw (WDP) said on Friday it has signed a 40 million euro ($45.9 million) deal for the development and lease of warehouse space on two locations for the Romanian arm of France-based retailer Carrefour.
WDP will develop a Carrefour distribution centre in Deva, to supply the retailer's supermarkets, it said in a press release.
Completion of the new property development is scheduled for the fourth quarter of 2019. The site is located at the junction of the A1 and E79 motorways between Bucharest and Timisoara.
The new warehouse responds to the retailer’s increasing need for space according to its expansion strategy and for the optimization of its operation flow. Carrefour and WDP are signing a ten-year lease for this new warehouse.
The other space is a warehouse in Brazi, in southern Romania, which WDP has acquired from Carrefour. WDP will lease out the property to Carrefour for another ten years. The property developer will extend this warehouse with another 11,000 sq m with projected delivery in the third quarter of 2019. The warehouse will consist of a temperature controlled area and is strategically situated in order to support Carrefour’s activities in the region.
"Again, one of our existing customers signs in for additional partnership with WDP, emphasizing our strategy of creating long-term relationships with our clients," WDP general manager Jeroen Biermans said in the press release.
On Wednesday, the European Investment Bank (EIB) said it is lending 150 million euro to WDP to finance the construction of 43 warehouses in Romania’s convergence regions.
WDP said earlier this month it has signed a 45 million euro deal for the development and lease of 77,000 sq m of logistics warehouse space for the Romanian arm of French retailer Auchan. Delivery of this new development located in WDP's existing site near Bucharest, in Stefanestii de Jos, is scheduled for the first quarter of 2020.
In October, WDP said it plans to invest 75 million euro in four properties on three different sites in Romania by late 2019.
WDP develops and invests in logistics property, namely warehouses and offices and has a property portfolio of around 4 million sq m. This international portfolio of semi-industrial and logistics buildings is spread over more than 180 sites at prime logistics locations for storage and distribution in Belgium, France, the Netherlands, Luxembourg and Romania.
($=0.8771 euro)