Austria property investment company Immoeast has acquired the S. Park business park developed by Primavera Development close to Piata Presei in northern Bucharest, Romanian newspaper Ziarul Financiar reported. The transaction value stands at a value of about EUR 90 mln, including EUR 60 mln of transaction costs. The deal was concluded at a yield around 6.9%, the paper said.
Austria property investment company Immoeast has acquired the S. Park business park developed by Primavera Development close to Piata Presei in northern Bucharest, Romanian newspaper Ziarul Financiar reported. The transaction value stands at a value of about EUR 90 mln, including EUR 60 mln of transaction costs. The deal was concluded at a yield around 6.9%, the paper said.
S. Park is a four-wing fully-let building with a lettable area of 30,800 m2. Its construction started in partnership with the real estate arm of Dutch financial group ING, which is currently the main tenant of the park with 9,400 m2. Other major tenants include mobile telephony operator Zapp and law firm CMS Cameron McKenna. The project is scheduled for completion in the second half of 2007.
Immoeast has acquired or is carrying out 21 real estate projects in Romania, which are worth a total of almost EUR 1 bn. The fund is planning to invest some EUR 300 mln in projects in the country until 2010.