IMMOFINANZ bought the Bucharest Financial Plaza office building, located close to the historic center of Bucharest. The property was sold by Banca Comercială Română, a subsidiary of Erste Group Bank in Austria. The building, with a total leasable area of about 27,700 square meters (after conversion), was the headquarters of BCR, until last year. The value of the transaction is about 36 million euros.
"The agreement is an important step for IMMOFINANZ in terms of consolidating the portfolio of premium office buildings and the innovative myhive brand in Bucharest. Romania's economy will recover quickly from the decline caused by the pandemic in 2020, following a period of development in the coming years ", said Dietmar Reindl, COO IMMOFINANZ, emphasizing the market potential. "The plan to renovate and transform the office building into a modern, high-quality, sustainable property, adapted to the premium myhive concept, characterized by flexibility, will supplement the public space by creating a green terrace, which will become a point of attraction for the city and residents ”. The renovation works will start immediately after obtaining the authorizations, respectively in the second half of 2022, their completion will take place in 2024.
"Bucharest Financial Plaza plays an important role in recent urban developments. The building has a unique location in the heart of Bucharest and offers access to many shops, restaurants and recreational activities. We are glad that we found in IMMOFINANZ a partner with such a vast experience on the Romanian market and the ability to continue the development of this emblematic building ", said Michael Werner, Real Estate Management Executive Director of BCR.
With a height of almost 70 meters, Bucharest Financial Plaza is not only the tallest office building in the city center, but also an architectural symbol. Since 2000, Bucharest Financial Plaza has been part of a well-known shopping area.
IMMOFINANZ has been an investor on the Romanian market for over 17 years. As of September 30, 2020, properties in Romania had a book value of EUR 757.3 million, representing 15.3% of the company's total portfolio. The active investment portfolio includes 13 properties, a leasable area of about 334,000 sqm, with an occupancy rate of 93.6%.