Kinstellar has advised the joint venture of Romania's Element Industrial and Dedeman on the sale of Eli Park 1 to South African real estate investment trust Fortress. Dentons advised the buyer on the transaction.
Eli Park 1 is a 50,000 square-meter industrial facility, located in the newest logistics hub in northwest Bucharest.
According to Kinstellar, Element Industrial is the industrial division of the Romanian property developer, while Dedeman is Romania’s largest retail company in the field of construction materials and design.
The transaction was “a great deal from so many angles: a successful joint venture, very resilient parties that kept the deal alive during the pandemic, and a new player on the logistics market in Romania,” according to Kinstellar Bucharest Managing Partner Victor Constantinescu.
The Kinstellar team was led by Constantinescu and Counsel Alexandru Mocanescu.
Dentons' team was lead by Managing Partner Perry Zizzi and Partner Bogdan Papandopol, and included Counsels Argentina Rafail and Doru Postelnicu, and Associates Isabela Gheorghe and Bianca Isache.