The property and investment company based in South East Europe, Secure Property Development and Investment PLC has announced the signing of a new lease agreement. This new agreement has been made with Aquila srl, which is a Romanian logistics operator.
SPDI has leased a 5,740 square meter space in the Innovations Logistics Park in Bucharest, Romania. It has been agreed by the two companies that there will be an annual rent that is payable by Aquila that is around €300,000. The new tenant for SPDI will increase their rental income by 10%.
The Romanian Innovations Park is a Class A warehouse that is located in the Clinceni area which is on the south west side of Bucharest. The Innovations Park has four different warehouses and two of these have cold storage facilities. There is a total gross leasable area of 16,570 square meters, of which around a third can be used for cold storage. The majority of the space consists of the multipurpose warehousing and office space.
The Agreement that has been signed by SPDI and Aquila completes the leasing of the available office and warehouse space. Two Romanian companies that produce and sell Structural Insulated Panels across Europe. The agreement with Aquila has come about following the early termination of the rental contract between SPDI and Nestle Ice Cream Romania. It was revealed in August 2016 that Nestlé had paid €1.39 million as a settlement and termination of the rental contract. The contract was meant to finish in September 2018 and the fee covered 1.5 years of rental income that would have been due from Nestlé.
The Innovations Park is in an ideal location in the capital in order to support the rapidly expanding European Union economy. The rent gained by the agreement is a reflection of the quality of the Innovations Park and its ideal location.
