Immoeast pays EUR 90 million for S. Park business park

1. März 2007, 00:00

In one of the biggest transactions on the Romanian real estate market, Austrian investment fund Immoeast has paid EUR...

In one of the biggest transactions on the Romanian real estate market, Austrian investment fund Immoeast has paid EUR 90 million to acquire S. Park, a business park located in Bucharest close to the Press Square, business daily Ziarul Financiar has reported.

S. Park consists of four buildings with a total lettable area of around 30,800 sq. m. It was developed by Primavera Investments, a company controlled by local businessmen Daniel Adrian Tanasoiu, Emil Tanasoiu and Valentin Bitoiu. The park was built in cooperation with the real estate arm of Dutch financial group ING and has required investments of EUR 60 million.

The project will be completed in H2 2007 but the whole surface was already rented by Eurisko and DTZ Echinox, the companies in charge of finding tenants. The main tenant is ING with 9,400 square metres, but also telephony operator Zapp (2,400 square metres), law firm CMS Cameron McKenna (2,100 square metres), IT company Wizrom (2,000 square metres) and the leader of the Romanian beer market, Brau Union (1,800 square metres).

Immoeast is one of the most important investors on the Romanian real estate market. It currently owns or develops a total of 21 projects in Romania, with a value of almost EUR 1 billion. In the next three years, the fund has announced investments of EUR 300 million on the local market.

Its most important acquisition in Romania is the Polus Center project in Cluj (Central Romania), which was acquired from Hungarian TriGranit for EUR 210 million.
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