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The first two warehouses in the Olympian Logistic Park - Brasov, located nearby the village of Cristian in Brasov County, were inaugurated late last week. The Olympian Logistic Park is the largest network of logistic parks in Romania. The business has been developed by GE Real Estate (the future majority shareholder) and Helios Phoenix and comprises three Class A logistic parks, in Cristian - Brasov County, Chiajna - Bucharest and Timisoara.
The first phase of the Olympian Logistic Park, named Zeus, is located in Brasov County and will be delivered next month. Hermes in Timisoara will follow in April 2010, while Hercules in Chiajna - Bucharest will close the chain later next year.
The logistic park in Brasov measures 9.3 hectares and has a storage area of 16,300 square metres and an office area of 1,800 square metres. Helios Phoenix representatives said the project would be completed in up to four years, the optimistic projection being two years. The investors are confident that the first tenant will move in soon, but have declined to disclose its identity or the total value of the investment.
GE Real Estate Central & Eastern Europe and Helios Phoenix last year announced they had allocated 175 million EUR to create a joint venture to develop industrial constructions in Romania. The investors at that time said that the future company would develop seven logistic and distribution warehouses in the country"s largest cities, such as Bucharest, Timisoara, Brasov and Cluj.
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