Members’ news: Element Development launches industrial division

Members’ news: Element Development launches industrial division 1441 1080 Bucharest Real Estate Club

Members’ news: Element Development launches

industrial division

Ionuț Dumitrescu launches Element Industrial, a real estate development company focusing on logistic projects. The new company will develop a portfolio of industrial projects in Bucharest and Romania. The first is ELI PARK 1, to be built in two phases on a 10-hectare plot, on DN 7, in the North outskirts of Bucharest, Chitila area.

 “Element Industrial will develop class A logistic parks, strategically located. We have taken the decision to start this business on the premises of an increasing consumption determining the significant development of both e-commerce segment and FMCG companies”, said Muler Onofrei, Managing Partner within Element Industrial.

25 MILLION EUR INVESTMENT IN A 45,000 SQ. M INDUSTRIAL PROJECT, NORTH OF BUCHAREST

ELI PARK 1 will total a 45,000 sq. m. lettable area of warehousing spaces and offices. The first phase of 20,000 sq. m will be delivered in the second quarter of 2019. ELI PARK 1 is conveniently located 4 km from the Capital’s City Ring Road, by DN7, a four-lane national road. The main benefits are the ease of access towards North and Central Bucharest as well as the immediate vicinity of Chitila/ Buftea, an area with significant labor availability, unlike other classical logistic areas with such problems, A1 – km 14 or 23.

Muler Onofrei is one of the most experienced real estate industrial managers, with a presence of 16 years on the local market. Muler has coordinated the Industrial department within Eurisko and was the director of Romanian branches for developers such as ProLogis, Soravia or Panattoni. He holds a RICS degree in “Portfolio Management”, as well as an MBA from Kellogg School of Management, Northwestern University. Within Element Industrial, Muler occupies the position of Managing Partner, with an active role in the company’s management.

The new project will be designed and executed following strictly class A international standards, with characteristics such as 11.5 m clear height, one loading bay for each 800 sq. m. of warehouse, generous 35 mtrs truck court and numerous parking places. The minimum leasing surface is 2,500 sq. m.

Element Industrial was established by Ionut Dumitrescu, a Romanian businessman with a solid expertise on the local real estate market. Between 1997-2007 he developed consultancy company Eurisko, which was sold in February 2008 to CB Richard Ellis, the real estate worldwide leader. Following this deal, he focused on real estate development: the first project was HQ Victoriei, a class A business center near Victoriei Sq, sold in 2012 to Zeus Capital. Begining with 2017, Dumitrescu partnered with the founders of One United to establish a new office division, One Office.