Austrian investment fund Immoeast has bought the S. Park business park developed by Primavera Development close to Piata Presei, in an about 90 million-euro deal, one of the biggest transactions on the domestic market.
The shareholders of Primavera Development are businessmen Daniel Adrian Tanasoiu, Emil Tanasoiu and Valentin Bitoiu, shareholders of the ACMS company that dealt with the construction of the business park.
The representatives of Immoeast could not be reached for comment by the time the story was ready for print, while Prima Development officials would not comment. They did say, however, that they could make an announcement soon.
The deal was concluded at a yield of around 6.9%, sources on the real estate market told ZIARUL FINANCIAR.
The total development costs of the project stood at approximately 60 million euros, which includes the acquisition of the 12,000 square metre plot of land. Immoeast has proven to be the most active investor on the domestic real estate market after buying Victoria Park for 60 million euros, and Romanian-held Logistic Contractor, through which it will be developing a logistic centre following a total investment of 60-70 million euros.
S. Park is a four-wing building with a lettable area of 30,800 square metres. The construction of the business centre started in partnership with the real estate arm of Dutch financial group ING, which backed out in the meantime.
The business park boasts 100% take-up, with the companies in charge of finding tenants for S. Park being Eurisko and DTZ Echinox. The completion of the project is scheduled for the second half of this year.
The main tenant of S. Park is ING, which rented 9,400 square metres. The tenant list also includes mobile telephony operator Zapp (2,400 square metres), and law firm CMS Cameron McKenna (2,100 square metres). Eurisko announced two new tenants at the end of last year, that is software solutions provider Wizrom (2,000 square metres) and the leader of the Romanian beer market, Brau Union (1,800 square metres).
The biggest acquisition Immoeast has made on the domestic market was the Polus Center Cluj project, currently under construction, from TriGranit Holding. The value of the forward purchase contract (payment is made as construction work and rental progress) is of 210 million euros.
According to the financial report presented at the end of October 2006, Immoeast has acquired or is carrying out 21 real estate projects in Romania, which are worth a total of almost one billion euros.
The fund will be carrying out projects in Romania between 2008-2010 that will require investment of almost 300 million euros.
ACMS was established 14 years ago and posted 23.5 million-euro turnover in 2005, according to Finance Ministry data.
The main shareholder is Valentin Bisoiu, 49.96%, while Tanasoiu Daniel Adrian owns 25% and Tanasoiu Emil 24.96%.
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