Austrian investment fund Immoeast, the most active player on the Romanian real estate market, has purchased land close to the Iride Business Park, located in the Pipera area of the Capital, intending to expand the office spaces following an investment worth around 250 million euros. "Immoeast has acquired 42,000 square metres of land in the vicinity of Iride Business Park, which can accommodate 170,000 square metres of office space. The land will allow the expansion of the 90,000 square-metre Iride Business Park, with all office spaces being rented out to big-name tenants, such as Raiffeisen, Nestl? and Whirlpool," shows the half-year report of Immoeast. The Austrians paid around 60 million euros for the land, 1,500 euros / square metre, with the whole budget for expanding the business park being put at 250 million euros, say sources close to the deal. "The development will supply additional space, so as to meet the demands of the Iride tenants, who have expansion intentions," add Immoeast
representatives.
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