Real estate developer Cefin RE Romania, part of Italy's Cefin Group, is teaming up with Australian investment fund Valad, formerly Teesland iOG, to develop five to seven industrial parks in Romania by 2010. The partners are contributing EUR 200 mln each to the new Cheuro joint venture, which will develop the parks across Romania's largest cities. Development costs for each project are estimated to be around EUR 70 mln. Last year, Cefin sold the A1 industrial park project to the Australian investment fund for EUR 70 mln . The new facilities providing some 300,000 m[sup]2[/sup] of space will be rented out via Colliers International.
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