Asked by ECONOMICA.NET about the reason for Valentin Barba decided to sell the project, the real estate agent said that the businessman planned other investments and needed money.
„Because he needs to continue to develop. He was doing that over the last 15 years, buying land, developing buildings and now, as he ran out of money, he kind of stopped. And he wants to do again what he knows best ", said Ioan Lungu, the agent in charge with the project’s sale.
The land where the office project is built has an area of 9,000 sq. m, with 60,000 sq. m built area. The asset selling price is EUR 60 million.
The two office buildings have 11 floors and 42,000 sq.m rentable area. In April this year the occupancy rate reached 66%, after Elohim Net rented an area of 1,800 sq. m. The project also include Alexander four stars hotel, also owned by the businessman Valentin Barba. Another important tenant in the building is Mercedes Benz.
Moreover, this spring Barba announced to have invested EUR 3 million in an event centre, on 1,500 sq. m, developed on the same plot of land, with a capacity of 1,700 people.
The company’s officials declared in 2009 that the total investment in the project was EUR 60 million. (source: economica.net)