Austrian Europolis buys two office buildings in Bucharest for EUR 90 million

30. Oktober 2006, 00:00

Austrian investment fund Europolis has acquired two Class A office buildings in the business park Sema Park Bucharest...

Austrian investment fund Europolis has acquired two Class A office buildings in the business park Sema Park Bucharest for EUR 90 million from the company RIver Invest. According to analysts, this is the largest transaction ever on the Romanian real estate market.

The two buildings are under construction and have a total area of 50,000 sq.m. One of the buildings has a built area of 17,500 sq.m. and it will be delivered in the last quarter of next year. The other building, with a built area of 32,500 sq.m., will be finalised in the first part of 2008.

"The current stage of development of the two buildings respects the schedule, around 75 per cent of the area available in the first building being already pre-rented”, said Liviu Birau, the general manager of River Invest, which is also the developer of the project.

"We have decided to acquire these two Class A office buildings because they resemble a similar project, close to a river, that we own in Prague. After the deal, the total investments of Europolis in Romania have reached EUR 265 million," said Stefan Gheorghiu, the general manager of Europolis Romania.

Sema Park is located next to the Dambovita River, on the premises of the former producer of agricultural machinery Semanatoarea.

Europolis was founded in 1990 and has grown from an international network of institutional real estate investors to become the real estate enterprise of Investkredit Bank AG, Vienna in 1996.

www.europolis.com
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