Atenor Group real estate developer, listed on Euronext, inOctober started construction works for an office building with an180,000 square metre lettable area on Dimitrie Pompei boulevard ofBucharest, going against the tide, taking into account that noinvestments have been started in the area for over two years, amidthe high vacancy rate of existing buildings.
The Belgians in 2008 bought a 1.5 hectare plot of land inPipera, where they plan to develop a three-building business parkcalled Hermes Business Campus, but are starting works only on thefirst building, which is due to be finalised in 2012.
The Belgians say they do not need banking funding to raise thefirst building as they carried out a 50m-euro bond issue in early2010 that was oversubscribed to 75m euros.
"Our advantage is that the plot is right near the undergroundstation. (...)," said Stephan Sonneville, the company's CEO and aminority shareholder with a 5% stake, according to bourse data.
The company's representatives did not specify the value ofinvestments in the first office building as the contract with thegeneral contractor has not been signed, yet.
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