Austrian listed real estate company Immoeast has acquired yet another major property in Bucharest - the new S-Park office development - for EUR 101.5 mln. The 45,000 m[sup]2[/sup] development is located in the booming northern section of the Romanian capital. In addition to the office space, it includes 2,500 m[sup]2[/sup] of retail space and underground parking for 430 vehicles. The S-Park is due to be completed next month and is reported to be already 95% let, mostly to international companies establishing their Romanian headquarters in the development, including ING, SAP, Goodyear, Johnson & Johnson and Fortis.
Austrian listed real estate company Immoeast has acquired yet another major property in Bucharest - the new S-Park office development - for EUR 101.5 mln. The 45,000 m2 development is located in the booming northern section of the Romanian capital. In addition to the office space, it includes 2,500 m2 of retail space and underground parking for 430 vehicles. The S-Park is due to be completed next month and is reported to be already 95% let, mostly to international companies establishing their Romanian headquarters in the development, including ING, SAP, Goodyear, Johnson & Johnson and Fortis.
The latest acquisition is further evidence of Romania being the key target country for Immoeast in its 2007/08 investment programme. The company has now already carried out EUR 2.4 bn of the programme’s planned EUR 6 bn total. The S-Park purchase follows the company’s transactions in Romania reported by PropertyEU so far this year such as the Polus Center, Euromall and Gold Plaza shopping centres, the Pantelimon logistics park and the Viktoria Park office property in Bucharest. It brings Immoeast’s tally of Romanian real estate to 114 properties totalling 3.9 mln m2 of usable space.