Austrians are buying one another in order to survive: CA Immo,controlled by Bank Austria, is buying Europolis from Volksbank,which will make it one of the biggest players on the Bucharestoffice market. Its 100,000 square-metre portfolio could generatearound 20 million euros in annual revenues from rent.
Two of the top foreign investors on the Romanian real estatemarket - the Austrians at CA Immo and Europolis - will become onecompany in the wake of a 272 million-euro transaction that willintegrate Europolis's portfolio into CA Immo.
The two companies entered the Romanian market in the same year,2003, when they made the first two sizeable deals, the purchase ofOpera Center (by CA Immo) and of Europe House (by Europolis), intransactions amounting to 25 million euros each. Later, CA Immoalso bought Bucharest Business Park, located behind Casa PreseiLibere (House of Free Press), while Europolis bought from IonRadulea the first two buildings of the project developed inSemanatoarea.
The four properties will place CA Immo on the second position inthe ranking of office space owners in Bucharest, leaving localbusinesspeople Dinu Patriciu and Liviu Tudor behind. AnotherAustrian investor remains leader of the office market - Immoeast -with a nearly 200,000 square-metre portfolio.
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