Sorin Vişoianu, Immofinanz: Romanian real estate effervescence confirms the economy's ascending trend
Sorin Vişoianu, country manager office & logistics for Romanian and Bulgaria within Austrian group Immofinanz, says that the local real estate market gave signs of recovery, more projects being announced or already started by the investors.
Moreover, Immofinanz also started in the end of last year the works for the first building within the office complex Metroffice in Pipera area in Bucharest and this year started the development of a logistics park in Mogoşoaia, near Bucharest.
"Gradually, Romania confirms its significant development potential and benefits from important export markets, such as Germany, Austria and other Western countries. (…) The fact that there are a lot of ongoing projects confirms our point of view: Romanian economy entered an ascending trend and developed more rapidly than other countries in Central and Eastern Europe", said Vişoianu, according to Business Construct magazine.
Immofinanz Group is one of the largest office buildings in Bucharest, with seven office buildings, as well as the largest office park in Romania - Iride Business Park. The Austrian company announced in the end of last year the expansion of Iride Business Park and the transformation in Iride City, the first phase of this process being the development of the Metroffice complex.
The local portfolio of Immofinanz also includes several commercial centres, such as Polus Shopping Center in Cluj-Napoca or Maritimo Shopping Center in Constanţa. Moreover, the Austrians own the Armonia Mall in Arad, which they intend to reconvert from commercial centre to logistic centre.
Immofinanz obtained in the first quarter of the fiscal year 2015-2015, closed on 31st of July, revenues from rents in Romania of EUR 11.8 million, a similar value to the last year.
Therefore, the local assets of the Austrians, which represent 14.3 pct. of the total portfolio of Immofinanz, generated nearly 12.9 pct. of the total group's revenues from rents. (source: zf.ro)
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