A European subsidiary of GE Real Estate has entered the Romanian real estate market for the first time through a joint venture with Helios Phoenix.The JV has plans to undertake the equivalent of about $235 million dollars of distribution warehouse developments throughout Romania, with the first projects to be undertaken in Bucharest, Timisoara, Constanta, Brasov, and Cluj and done on a speculative basis. "The recent EU accession is expected to further enhance Romania's GDP growth and consumer and industrial demand, which in turn will lead to greater demand for warehouse space," said Karim Habra, managing director of GE Real Estate Central and Eastern Europe.
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