HSBC’s European Active Real Estate Fund has made its first property purchase in Romania, acquiring a 50 percent stake in the Expo Market Doraly trade counter and warehouse Park in Bucharest, Romania for €104 million ($153 million).
Founded by developers Gheorghe and Dorina Iaciu, the property consists of 592,000 square feet of commercial space currently existent and it has an additional 378,000 square feet in development. Currently the park has 800 tenants. The development is located eight kilometres east of Bucharest, on either side of the DN2 highway.
HSBC’s European property fund has €450 million of equity to invest throughout Europe, with a focus on Central and Eastern Europe.