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North Center and Iride Business Park: extension of tenants portfolio

03.04.2013 | Romania

IMMOFINANZ Group, one of the key players in real-estate investment and development on the Romanian market, closed new deals for North Center and Iride Business Park increasing the occupancy rate of the locations up to 72% and respectively 91%. The new deals were signed with Adrem Invest and CBN International Europe for North Center and Veolia Water Solutions & Technologies Romania and Acvatot for Iride Business Park.

“Following the transactions, North Center has become the office building with the highest occupancy rate in Pipera North area, while Iride Business Park comes in line with our objective to have a minimum occupancy rate of 90%”, said Eduard Zehetner, CEO of IMMOFINANZ Group. “These new deals endorse IMMOFINANZ Group’s growth and optimisation course, part of it is a focus on lowering vacancies and on generating sustainable cash flow.”

Adrem Invest, a renowned worldwide player in supplying installations for secondary steel metallurgy and the local leader for SCADA & automation, closed a deal for 527 square meters of office space. The leasing agreement is for a three years period.
CBN International Europe, member of CBN group – international leading provider of solutions for documents issuing and identification, has extended its premises at the second floor of the North Center office building. The company is an IMMOFINANZ Group’s tenant since 2007 and currently leases about 1.400 square meters, representing 15% of North Center. The employees of North Center based companies benefit from free shuttle bus from the Pipera underground station. The property also offers easy access to the newly-built Pipera passageway, as well as the possibility for further expansion.

Veolia Water Solutions & Technologies Romania, international company specialized in water treatment, closed a deal for 1.100 square meters of office surface for a five years period in Iride Business Park.
Acvatot, an important services provider for the water, sewage and gas networks, also established offices in Iride Business Park over 1.033 square meters for a five years period.
Iride Business Park is the biggest business park in Bucharest with 93.000 square meters. It has easy access to the subway station and offers office, storage and retail space for leasing.
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 9 office properties with 206,185 square meters of total rentable space, and carrying roughly EUR 351.2 million, and an occupancy rate of more than 88% in Romania as of 31/01/2013. 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.

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