Immofinanz, the largest Austrian real estate investment fund, acquired the Global Business Center office building earlier this year in a deal estimated at 15-20 million euros, market sources say. This is Immofinanz''s second major transaction on the Romanian market. The company is planning to invest more than 200 million euros.
Through its Central and Eastern European division Immoeast, Immofinanz acquired the entire stake of Global Trust SRL. Global Trust is a special purpose vehicle created for this project by Israeli-held Delta Intensiv Trade SR, which developed the Global Business Center. Last spring, the Global Business Center building became home to mobile telephone operator Connex''s customer relations department.
Contacted by Ziarul Financiar, representatives from Delta Intensiv Trade made no comment by the time of going to press.
Gunther Bukor, Immoeast''s general manager confirmed the deal for Ziarul Financiar but did not volunteer any further details.
Market sources say the deal is worth 15-20 million euros, given its 13,500 square metres of class A office space. According to the latest market information, Delta Intensiv Trade SA has invested some 15 million dollars (more than 13 million euros) in the Global Business Center project.
The acquisition of the Global Business Center is Immofinanz''s second major transaction on the Romanian real estate market after it acquired Iride Business Park in the first half of last year for approximately 63 million euros. At the end of last year the Austrian investor announced the expansion of the Iride Business Park project in an 18 million euro investment. Immofinanz''s investment in Romania now amounts to around 100 million euros.
Their plans for Romania involve more than 200 million euros in investments, with their sights set not only on Bucharest but also targeting other cities across the country. With some 1.8bn euros in market capitalisation Immofinanz is not the only Austrian investor to have announced big investment plans for the Romanian market.
Europolis, another Austrian investment fund, has already performed its second transaction in Romania.
The second half of 2003 saw Europolis buy the Europe House office building, host to mobile telephone operator Orange Romania, in a deal worth around 31 million dollars (over 26 million euros).
Last autumn, Europolis bought Cefin Logistic Park, then its early development stages. Its investment in this project is likely to reach 75 million euros.
Meinl European Limited, another investment fund based in Austria, bought Militari Shopping Center for 20 million euros last autumn.
The project was developed by Belgium-based Liebrecht&wooD.
The first major transaction on the Romanian real estate market involved another Austrian buyer, CA Immo, the real estate division of the Creditanstalt Group.
CA Immo bought the Opera Center office building in the first half of 2003 for 30 million euros, a project developed by Portland Romania.
ionut.bonoiu@zf.ro ; adrian.mirsanu@zf.ro
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