Immofinanz - a new real estate project for Bucharest
The Austrian group Immofinanz, the biggest investor on the real ewstate market in Romania, who recently was listed to Warsaw Stock, is preparing a new project for Bucharest.
The company is preparing the documentation for the construction permits of a project on the 5.3 ha plot of the former industrial platform Ventilatorul from Bucharest, near the crossroad Răzoare, on 44 Sergent Nuţu Ion St., in the neighbourhood of AFI Palace Cotroceni.
The development plan includes a residential project with nine building of 11 floors each and a mixed-use building, residential and offices, with public spaces in groundfloor. The project will also include to office buildings with 12 and 20 floors, according to the announcement of the Area Urban Plan.
"Immofinanz Group is the owner of the project, while Adama – an expert residential development for Immofinanz in Romania – will be in charge with the development. The company is now at the phase of getting the permits for construction, meaning that the plans are in working and all the details are still confidential ", the developer’s representatives have declared for ECONOMICA.NET.
A company official had offered a few details about the project on Ventilatorul platform since autumn last year.
„The former Ventilatorul factory plot has the best perspective, as it is closer to the city centre and where we will mainly develop apartments buildings, but the project could also include one or two office building on the entire plot, which is big and there is place for such developments. We are currently working on the master plan for Ventilatorul plot, after that we will decide the next steps: we start with residential or offices. ", has declared Daniel Riedl, COO Immofinanz in the autumn last year regarding the possibility to exploit the plot.
Another project of the company could start this year, namely an office project to be developed on the plot of the former Electronica factory from Bucharest. „If the market is ready we will start the construction, which might happen in 2013, but only if the market conditions are favourable. For us, good conditions mean the existence of enough new office requests on the market. ", has added Daniel Riedl.
Ventilatorul Real Estate, the company to develop the project is controlled by an offshore from Cyprus and the administrator is Andreas Holler, according to data of the Trade Registry. Holler is a member of the executive council of Adama developer, bought in 2011 by Immofinanz for EUR 42 million.
Immofinanz is the biggest real estate investor on the Romanian market, where it owns a portfolio of 89 assets, mainly offices and commercial spaces, estimated at over EUR 1 billion. (source: economica.net)