IMMOEAST Acquires S-Park in Bucharest for €101.5 mln
IMMOEAST has acquired another property in Bucharest. With S-Park, one of the most prominent new office developments this year has been acquired. IMMOEAST's investment totals €101.5 million ($140 million).
S-Park has usable space totaling 45,000 sqm. In addition to office space there are also 2,500 sqm of retail space and 430 underground parking places in the building. It consists of four interconnected blocks with five upper floors. The building is located in the booming northern section of Bucharest at the interface of the axes between the centre and the two important airports of the city. Location advantages were decisive in the fact that prior to completion in August S-Park will be nearly let in full at an occupancy rate of 95%. The tenants are all renowned international companies, which are setting up regional headquarters here. Among others, ING, SAP, Goodyear, Johnson & Johnson, Heineken (Brau Union), Wrigley and Fortis are settling at S-Park. For the remaining space, there are already numerous interested parties, with whom advanced negotiations are being conducted.
The acquisition of S-Parwk is the most recent in an entire series of large-scale investments made by IMMOEAST in Romania in 2007. This year the shopping centres Polus Center Constanta, Euromall in Pitesti, Gold Plaza in Baia Mare and a project in Craiova have been acquired. There is also the construction of the Pantelimon logistics park and the acquisition of the Viktoria Park office property in Bucharest. Altogether IMMOEAST already has 114 properties totaling 3.9 million square meters of usable space in Romania.
Romania will be the most important target country for new investments in the scope of the extensive investment programs for the 2007/08 business year, according to company representatives. The IMMOEAST investment program for 2007/08 plans total investments of €6 billion ($8.2 billion). Of this, transactions totaling a volume of €2.4 billion have already been carried out. (bursa.ro)
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