Immofinanz, the Austrian investment fund, the most aggressive player on the domestic real estate sector, is interested in acquiring three new projects on the domestic market, after having invested more than 130 million euros in four real estate projects so far.
"We are interested in acquiring another three projects by yearend. These may be office buildings or logistics projects," Edgar Rosenmayr, managing director of Immofinanz, told ZF. He chose not to offer any further details for the time being.
The Austrian investment fund will acquire ownership of the Bucharest Corporate Center (BCC) office building this month, which was put on the market last week. Immofinanz last autumn took over the BCC project in a deal amounting to around 26.5 million euros, according to market estimates.
The BCC building was developed and sold by Bucharest Corporate Center SRL, of which 50% were held by Bucharest Corporate Center Ltd., registered in Cyprus, with the remainder of stock belonging to Summa Romania, who were in charge of the construction of the building. BCC has a total area of 18,000 square metres of class A office space, of which 13,000 square metres are available for rent. Total investments were estimated at approximately 17 million euros. Tenants include companies such as Generali (insurance) and Petrom.
Immofinanz, the biggest Austrian investment fund, has been the most active buyer of real estate projects on the domestic market over recent years.
The Austrians entered the Romanian market in 2004, when they bought Iride Business Park for 63 million euros. Iride was developed by BPD Property Development and Finest Italian-held investors. The acquisition was made through Immoeast, the unit the Austrians operate through in the Central and East-European region. Since then, Immoeast has purchased another three projects, all of which are office developments.
The Austrian fund is not the only major company on the domestic market. CA Immo and Europolis, another two Austrian funds, have already acquired their second project in the capital city.
Irish-held companies such as Ballymore Properties, RI Investment Group, or Greek-held firms such as Blue House, have already acquired their first real estate projects. catalin.lupoaie@zf.ro
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