Immofinanz allocates 34 mln euro to expand Iride Business Park

Immofinanz resumes investment in Romania with Metroffice, a new office development in Bucharest, project of approximately 40,000 sqm of rentable space which marks the start for the long-term transformation and expansion of the existing Iride Business Park into a modern urban quarter, the Iride City, according to press release of the Austrian group.

In the first phase of the project, Immofinanz allocates 34 million euro for Metroffice, a six-storey office building which should be delivered in the first quarter of 2016, construction having been recently launched. On completion, the office complex will comprise three buildings, the one for which construction is under way covering 20,000 sqm of leasable space.

“Romania is one of Immofinanz’s core markets that we have designated as a focal point of our development activities in the coming years. The economy is on a steady road to recovery and is growing faster than in other CEE countries, which also means an increasing demand for high-quality commercial properties. The volumes on the transaction market also show that Romania is now back on the radar screen of international investors“, explained Eduard Zehetner, CEO of Immofinanz Group. 

Apart from the Metroffice project, the expansion plan includes the redesign of the entire area within Iride Business Park into the future Iride City, a mix of office, retail, leisure and residential space. The project, which also includes the refurbishment of the Iride Business Park, will cover several phases and a time horizon of 10 to 20 years. 

The Iride Business Park has nearly 93,000 sqm of rentable space, which makes it the largest business park in Bucharest.

Immofinanz Group has been active on the Romanian market for 10 years, its domestic portfolio including 16 properties (nine office buildings, four shopping centers and three logistics facilities) with about 404,500 sqm of leasable space and a book value of EUR 964.0 million. That represents 13.9 percent of the Group’s total property assets.