Business Forum • 1 April, 2024 at 1:17 PM
Real estate consultancy company iO Partners announces the successful closing of the sale of Expo Market Doraly to WDP. The iO Partners team advised the sellers – ARA Europe and the Romanian investor Gheorghe Iaciu, who founded Expo Market Doraly in 1993.
Expo Market Doraly is the longest-standing and most successful wholesale, cash & carry, and retail commercial park in Romania. Located in the northeast of Bucharest, it covers an area of 110,000 square meters and comprises a total of 37 pavilions, where over 400 traders operate.
"We are delighted to finalize such a complex transaction of an atypical property, but with extremely solid business fundamentals, and bring together a unique opportunity with the right investor. After last year recorded a transaction volume of approximately €500 million, representing the lowest level in the last 10 years, in line with global trends, 2024 had a good start, with transactions of nearly €300 million closed in the first quarter. This is a positive signal that confirms our forecast of improved liquidity and increased activity on the real estate market,” said Andrei Vacaru, CEE Head of Capital Markets at iO Partners.
The main strengths of Expo Market Doraly in attracting an institutional investor like WDP are its 31 years of continuous growth, regardless of the economic context, the solid base of loyal tenants, and the exceptional location between the two ring roads, with easy access from the center of Bucharest, making it ideally suited for efficiently supplying the retailers in the capital and in Romania's south-eastern region.
“In our pursuit to find the best fit for DORALY's evolution in accordance with tenant expectations and final client satisfaction, we identified WDP as one of a kind, to maximize the potential of the property. EXPO MARKET DORALY is a resilient asset with a strong tenant portfolio of Producers, Importers and Distributors, where customers can find a wide range of products at very competitive prices, a commercial center in continuous evolution and growth. Jeroen Biermans with his Master Class experience in logistics, WDP with its Financial Strength, represent what DORALY needed to evolve,” said Gheorghe Iaciu.
Developer WDP is the second-largest owner of industrial-logistics spaces in Romania. WDP has a strong presence on the local market, with a portfolio of almost 1.7 million sqm. The company's industrial parks are located throughout the country, in all major urban areas.
Together WDP, which will perform the asset management, Mr. Iaciu and the current property management team will continue to manage the project.
“We are very pleased with the acquisition of this promising asset, which is complementary to our existing Romanian portfolio. I look forward to continue the success of Expo Market Doraly and to make it an even stronger business by facilitating future growth together with Mr. Iaciu and his team of seasoned professionals. I would like to thank both Sellers for the highly professional transaction process and iO Partners for introducing the opportunity to us,” said Jeroen Biermans, Country Manager WDP Romania.