Austria's Immofinanz investment fund, the most powerful investoron the domestic real estate market after taking over Immoeast fund,in the first half of the financial year (May-October 2010)22.8m-euro revenues from the renting of 15 real estate propertiesdomestically, down 13% from the same period of last year, thoughthe Austrians hold a portfolio valued at 885m euros in Romania.
The Austrians, who in 2005-2008 period bought plot after plot,have many projects put on ice, so that out of 49 propertiesincluded in the portfolio, just 15 are generating revenues, withthe rest being projects under construction (such as MaritimoConstanţa), or plots "frozen" in various stages, reveals afinancial report by the Austrians.
The biggest revenues were generated by the nine office projectsowned in Bucharest, which brought 15.4m-euro revenues in the firstfinancial half.
The smallest occupancy rate for properties included in Immofinanzportfolio is registered by the three logistic projects, put at25.8m euros, but which have tenants for only 64.2% of spaces.
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