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BUCHAREST (Romania), February 19 (SeeNews) - Belgian logistics property developer Warehouses de Pauw (WDP) said on Tuesday it will build a 40 million euro ($45.2 million) warehouse for tyre manufacturer Pirelli in Romania's southern city of Slatina.
The 62,000 sq m warehouse will be built right next to an existing Pirelli production facility and both will be directly connected, WDP said in a press release.
Following the completion of the construction works, which is scheduled for the third quarter of 2020, Pirelli will rent the new logistics facility for fifteen years.
In March 2016, Pirelli announced that it plans to invest 200 million euro in Romania by 2021 in order to increase production at its plant by 50%.
In December, the European Investment Bank said it is lending 150 million euro to WDP to finance the construction of 43 warehouses in Romania’s convergence regions.
WDP develops and invests in logistics property, namely warehouses and offices and has a property portfolio of around 4 million sq m. Its 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.