Portland Trust to extend with 80,000 sqm Floreasca Park
Portland Trust has rented 75% of the office project Floreasca Park and its objective is 90% occupancy rate by November, the scheduled completion date, and in the next 3 years the company intends to extend the complex with 80,000 more square metres of green certified offices.
According to Mediafax, Robert Neale, the company founder has declared that the needed land for the extension of Floreasca Park is “under company control”, but there are some juridical aspects to be solved. The developer also declared that he will continue the collaboration with his friend, Gigi Becali, for the three ha plot where 80,000 sqm of construction is planned for the coming three years.
Portland bought from Becali the 2 ha needed for the development of the two office buildings Floreasca Park, near the metro station Aurel Vlaicu, with a total area of 37,500 square metres.
According to Neale, the two office buildings are 75% rented, and the only known tenants by far are Oracle, with 25,000 square metres and BASF with approx. 2,000 square metres.
"I have a list for the second floor in A Building, being entirely rented, but I cannot disclose the name of the companies. The rented area by far is 75%. I would be very surprised if I won’t make any more deals this year. It would be strange. There are four more floors, with 1,800 each, so I imagine that I should rent at least two floors, possibly all of them. I expect 90% occupancy rate at the completion date. We are looking for tenants for 1,000-2,000 sq m or maybe more, I would like a good mix. ", the representative of Portland Trust explained.
The investment rises up to EUR 70 million, financed by BCR, and the completion date is scheduled for November 2013
The project will have BREEAM green certificate, a definitely condition to develop a project in order to sell it to an investor, Neale considers. (sursa: wall-street.ro)