Romania is one of the main markets for investments in real estate developments, as the country’s economy is on a steady recovery track, with faster growth than in other Central and Eastern European countries, said Immofinanz Group CEO Eduard Zehetner at a specialised conference.
He stressed that such a situation also entails an enhanced demand for high-quality commercial properties. The volumes present in the transaction market also show that Romania is being again the target of the international investors. The fact that areas of high-quality office spaces in Bucharest are increasingly scarce has made us start Metroffice project, an initial investment of around 34 million euros, Zehetner said.
The project also marks the beginning of a long-term process of transformation and extension of Iride Business Park into a modern urban sub-centre, Iride City. Metroffice will have some 40,000 square meters of rental area and the first section will include nearly 20,000 sq m. The total value of Metroffice, which will include three office buildings and a business-type hotel is put at 85 million euros.
Immofinanz Group has been operating in the Romanian market since 2004 and it currently holds a property portfolio worth 964 million euros.