While in Bucharest the businessman only focus on residential projects development, in Iaşi Iaciu completed this week EUR 15 million investment. Beginning of 2014, Iaciu bought from East Balkan Properties the commercial centre Moldova Mall and started the reconversion works last autumn, the total investment being of EUR 15 million. The new building is called Moldova Center and includes approx. 14,500 sq. m of office spaces in the centre of the city.
The move comes in the context where Iasi is starting to be the new IT centre of the country. According to data from the National Institute of Statistics, Iasi was the fourth county in Romania considering the increase of the number of employees in the field of information and communication in the period 2008-2013. If there were approx. 3,300 people working in this field in 2008 in Iasi, after five years of crises their number had grown to 4,500, with 36 pct. more. The first places in this top were occupied by Cluj, Braşov and Ilfov counties.
„I believe the building will be fully let within a year. We consider several options, both the rental of the entire building to a sole tenant and a mix. A very important aspect in these negotiations is our availability to accommodate an eventual expansion of our clients. Most likely there will be another project in Iasi, in the order to consolidate“, said Iaciu. According to him, in Moldova Center could work approx. 1,500 people.
„I’ve been working in real estate for 25 years. I had in mind small projects, this is a medium-sized project, but yields are better on large buildings“, adds Iaciu, who believes that in investment in Moldova Center, completely financed by own funds, will pay off in approx. 13 years. (source: zf.ro)