Metropola Imobiliar has big office building plans

Ziarul Financiar 09.01.2006
The company, part of the Montero group, which operates in the pharmaceutical industry, also has several commercial and residential projects.

Metropola Imobiliar will complete an office project with an area of around 8,000 square metres in Bucharest, in the first half of this year. The project is called Preciziei Business Center.

"The office building has been in the portfolio of Metropola Imobiliar for some time, and we have poured 750,000 euros in renovation so far. We will continue to invest as much as one million euros. The market value of the office building revolves around 8 million euros, according to the latest evaluation," said Horia Galateanu, general manager of Metropola Imobiliar.

Galateanu did not name the costs entailed by the acquisition of the building. Of the total area of 8,000 square metres, about 5,500 square metres account for office spaces, while the remaining surface hosts an industrial hall.

The real estate developer also plans to develop an important project on the former industrial platform Pumac, which is slated to comprise both office spaces and commercial or residential space. To handle this project, with a value estimated at some 200 million euros, Metropola Imobiliar shareholders plan to team up with institutionalised real estate investors.

Metropola Imobiliar is controlled by the Tudorache family, owners of the Montero group of firms. The group operates in the distribution and retail of pharmaceutical products, having posted more than 80 million euros in turnover last year.

"We are now looking into the shareholding formula of the company that is to develop this large project. Investors are very interested, and we have already received firm offers from some major foreign investors," Galateanu said, without offering any further details.

Radu Tudorache, who also controls Bucharest-based Tehnofina company, has put up for sale a building belonging to the company, located in Iancu Nicolae area.

"The value of the respective asset revolves around 0.4 million euros," Galateanu said. The company has plans to develop an office project with an area of around 3,000 square metres, starting from the renovation of the building located on the Tehnofina platform. Investments destined to this project were valued at about 3 million euros.