Austrian investment fund Europolis, a part of the Volksbank group, will concentrate on managing its portfolio of finalised projects and less on building new ones. The development of the Orhideea Towers office complex in Bucharest, a 117 million-euro investment, will only be carried out if there is sufficient advance letting. "Given the current economic climate, Europolis will concentrate fully on the area of real estate asset management in 2009. The aim is to build on the successful letting achieved in 2008 and to continue to keep vacancy rates well below the average for the CEE (Central and Eastern Europe) region. While work on projects currently under construction will be continued, some development projects are to be put on hold for the time being," reveals the Europolis financial report. Additionally, the Austrian company is considering selling assets, including the Europe House office building in Bucharest, put at 48.7 million euros. "Europolis will be prepared to sell assets from the first Europolis portfolio, E1, following the expiry of the investment period," adds the report.
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