Germany's Lindner Development is set to enter the Albanian market to take advantage of the forecast increase in international occupiers' demand in view of the country's potential EU accession. The Munich-based developer has hired Colliers International to provide exclusive leasing services and legal counselling on a new EUR 60 mln business park - the country's first - to be developed near Tirana.
Germany's Lindner Development is set to enter the Albanian market to take advantage of the forecast increase in international occupiers' demand in view of the country's potential EU accession. The Munich-based developer has hired Colliers International to provide exclusive leasing services and legal counselling on a new EUR 60 mln business park - the country's first - to be developed near Tirana.
'We are continuing a tradition that has gone beyond a decade', said Michael Ulmer-Lindner, the general manager of Lindner Development, which has built four business parks so far in Central and Eastern European countries, including one in Sofia totalling 300,000 m2.
Stela Dhami, the general manager of Colliers in Albania, believes that the new mandate will allow it 'to change and further improve construction standards in Albania.'
'We foresee that there will be a wave of corporate occupiers coming to Albania which has recently become a EU-candidate country', she told PropertyEU in an interview. 'We are already seeing a change in the development market which used to be dominated by local builders and is now becoming increasingly international. We are currently working with Italian, Austrian and Israeli developers', she added.
Tirana Business Park will be the single largest commercial development project ever done in Albania since the fall of communism. The project is expected to offer over 200,000 m2 of office, warehouse and small-scale light industrial buildings and will be situated near the Mother Teresa International Airport in Preza Commune, Tirana.
The project will be constructed in two phases with the first phase comprising four buildings expected to start in October/November 2010. Lindner plans to invest around EUR 60 mln in the development.