HSBC's European Active Real Estate Fund has acquired a 50% interest in Expo Market Doraly business park in Bucharest from the developers, Gheorghe and Dorina Iaciu. The transaction volume amounts to EUR 104mln.
The fund, together with the Gheorghe Iaciu-owned company Iacovira, will jointly operate and develop the park which is located eight kilometres east of the city. The site comprises 55,000 m2 of showroom, storage and warehousing facilities on a 225,000 m2 as well as an additional 35,000 m2 of space at different stages of development.
Matthew Hunt, who led the acquisition for the fund, said: 'This is the first transaction we have completed in Romania, and we are delighted to have the chance to build on the good work Expo Market Doraly has implemented to date. This acquisition is in line with our strategy for investing in real estate-focused assets in the wider Balkan region.'