Austrian listed group Immofinanz has started the construction on a new 40,000 m2 office development in Bucharest.

Austrian listed group Immofinanz has started the construction on a new 40,000 m2 office development in Bucharest.

This project, dubbed Metroffice, will consist of three buildings and will be built in phases with stage one offering nearly 20,000 m2.

The development will require an investment of around €34 mln. Delivery is planned for the first quarter of 2016, Immofinanz said.

'Romania is one of the Immofinanz core markets that we have designated as a focal point of our development activities in the coming years. The economy is on a steady road to recovery and is growing faster than in other CEE countries, which also means an increasing demand for high-quality commercial properties,' explained CEO Eduard Zehetner.

Metroffice will be realised as the first part of a long-term master plan which involves the redesign of the entire area within Immofinanz's Iride City business park. When the final stage of construction is completed, Iride City will offer restaurants, a hotel and conference center and day-care center as well as park and sports facilities.