Sicomed enters real estate market

Sicomed, Romania's largest drugmaker, has entered the industrial real estate market in order to capitalise on the land it owns. At a General Meeting of Shareholders, the creation of Pallady Business Park was endorsed in order to promote and develop real estate projects, with Sicomed as sole shareholder. Sicomed owns about 40 ha of land in south-eastern Bucharest, close to the Bucharest-Constanta highway. Market sources say the Romanian Post-Privatisation Fund (FRPP), which owns 50% in Venoma Holdings, Sicomed's majority shareholder, is planning a repeat of its success with the Iride Business Park, which it sold for $35-$40 million to Austrian investment fund Immofinanz. ZF