IMMOFINANZ Group signs new deals for its Romanian office portfolio24.10.2013 | Romania
IMMOFINANZ Group, the largest office building owner in Bucharest, and one of the key players in real-estate investment and development on the Romanian market, announces new deals, which increase the rented surfaces featured by the company’s Romanian office portfolio. Thus, Iride Business Park and North Center have increased their occupancy rates, through both the renting of additional surfaces, and the extension of existing contracts.
“Our very solid overall occupancy rate in the local office sector, of 90.4% at the end of the first quarter of the financial year 2013/2014, shows that we are perfectly positioned on this market. We will continue our commitment to the Romanian market for the coming period. We continue to monitor the projects in pipeline, in view of re-activating them when the market shows proper developments”, said Eduard Zehetner, CEO IMMOFINANZ Group.
Iride Business Park has increased its occupancy rate by 8.62%, which was generated by the latest deals. Thus, Japan Tobacco International, a longstanding tenant since 2002, has extended the lease agreement for five years, for a 7,100 square meters surface.
IC Companys, clothing company, is also with IMMOFINANZ since 2004. The company holds 630 square meters and has extended the contract for an additional five years. RX Atelier, offering printing and copying equipment and maintenance for them, is another company in IMMOFINANZ’s portfolio since 2003. They recently extended their lease agreement for another five years, for 275 square meters.
Iride Business Park is located in the northern part of Bucharest, in the newest office area of the city, 15 minutes away from the airport. The park has 92,878 square meters leasable area.
On the other hand, North Center increased its occupancy rate from 45% to 73.4% during the last nine months. The latest closed deals that came into effect are two contracts signed with tenants already in IMMOFINANZ’s portfolio: Bunge, a major player in the agribusiness industry and URS Corporation, a fully integrated engineering, construction and technical services company. Both companies have extended their contracts for a three year period. Bunge holds a total surface of 1,510 square meters, while URS Corporation has a total surface of 1,500 square meters in North Center. URS Corporation has been among IMMOFINANZ’s tenants for ten years.
North Center is located in the Pipera area, and has a leasable area of 9,628 square meters.
IMMOFINANZ Group has established itself as a profitable real estate company on the office market, being the leading office building owner in Bucharest, with 4 A-class properties in good locations. In total, the Group holds nine office properties with 206,427 square meters of total rentable space with a carrying amount of roughly EUR 350.1 million, and an occupancy rate of 90.4% as of July 31, 2013. Through active asset management, the IMMOFINANZ team ensures that all properties are continuously improved and brought up to the latest technical standards, to maintain their value in the long term.