Austrian investment fund Immoeast has completed the acquisition of two new office buildings - Riverside Tower and Baneasa Airport Tower, following transactions worth around 45m euros.
The transaction for the takeover of Riverside Tower, worth around 25 million euros, was completed around two weeks ago, while Baneasa Airport Tower (in which Immoeast formerly held a 75% stake) was entirely taken over last week, in a deal worth approximately 20 million euros, sources from the real estate market told ZF.
In early 2006, the Greek group Iliotomi started construction on Riverside Tower next to the Dambovita river, which will have a built area of over 12,000 square metres, and a lettable space of around 8,500 square metres. The building, which is still under development, will have 14 floors and 66 parking spaces, and is currently held by Immoeast Project Riverside Tower company (controlled by Immoeast).
In the case of Baneasa Airport Tower, German company Valueroi Grup started to develop the project in 2005, nearby Baneasa airport. It is an approximately 11,500 square-metre building, in which Immoeast originally held a 75% stake. The building was constructed by Heberger, and is now ready for its first tenants.
Immoeast holds a significant office portfolio in the northern part of Bucharest and also owns the business parks Victoria Park, S-Park and IRIDE Business Park, which required investments worth over 200 million euros.
Until recently, Immoeast held the most records on the Romanian real estate market and boasted the most valuable and varied portfolio. It also completed the largest transaction involving a shopping centre - Polus Center Cluj, which was acquired for 210 million euros from TriGranit. The Austrians also held the record for the highest transaction on the office space market. However, the deal involving three buildings held by Charlemagne Capital (110 million euros) and the takeover of America House (120 million euros) have surpassed the record, to become the "standard" transactions on the market.
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