"This project is a major step for Skanska. When entering a market, such as Bucharest, we are not dealing with a single project, but we wish to have several projects to work for. Their number depends on the land availability for new projects, if we find the plots and how the office rents segment is developing. In a city such as Bucharest we can have several projects, as we have in Warsaw, for instance", Karlstromsaid , following a press conference organized with the occasion of the foundation completion and the first stone ceremony for first phase of Green Court.

Green Court Bucharest project includes three A class office buildings with a total rentable area of 52,000 sqm. Each building will feature 12 levels above the ground and three underground levels. The first phase of the investment includes an office building with a total rentable area of 19,500 sqm, as well as the underground parking for the first two buildings of the complex. Skanska will invest EUR 46 million for the first phase, the company also acting as the general contractor.

The completion of the first phase of the project was estimated for the last quarter of 2014, but considering the current stage of works, Skanska’s representatives estimate that this will be delivered before the initial schedule.

"This complex practically represents three projects. We will invest a total of EUR 80 million from own sources for the entire complex. The second phase will be started the moment we will find clients for the first phase, to be completed in August next year. This is how we are going to proceed with all our projects; we will start new ones after finalizing the construction of the first ones and finding tenants for them. Once completed and fully rented, a project will be sold in order to ensure the necessary funds for starting a new one", explained Skanska’s representative.

He also showed that all the company’s projects are sustained by own funds.

On the other hand, Karlstrom considers that on the Romanian market there is request for office buildings developed with “green” technology, all big international companies being interested in this kind of spaces. Though by now, Skanska didn’t sign any lease for their Bucharest project.

Skanska bought in November from the businessman Gabriel Popoviciu a land of 15,000 sqm in the area Floreasca-Barbu-Văcărescu, for their first office project on the Romanian market. The transaction reached approx. EUR 17 million, including VAT.

The project is situated on Gara Herăstrău St., an area that has become the most dynamic office sub-market in the city.

Skanska is one of the biggest real estate development and constructions company in the world, with expertise in the construction and development of the commercial and residential projects as well as public-private partnerships. Skanska is present in Sweden, Norway, Denmark, Finland, Estonia, Poland, Czech Republic, Slovakia, Hungary, Great Britain, USA and several countries in Latin America.


Headquartered in Stockholm and listed to the Stock Exchange in Sweden’s Capital, Skanska registered last year total revenues of EUR 15.1 billion (132 billion Swedish crowns). (source: economica.net)