WestImmo provides EUR 48m financing for Northgate building in Romania

Westdeutsche ImmobilienBank (WestImmo) is to provide EUR 48 mln of financing for the Northgate Office Building in Bucharest. The borrower Creativ Invest is owned on a 50-50 basis by Marius Ivan and Tom Quinn. Between them the two shareholders have some EUR 450 mln of investments in the
construction and real estate sector.

The building has a total rental surface area of 20,658 m² and some 540 parking spaces. The tenants of the fully let property include Renault, BCR/Erste Bank and Orange/Vodafone. The office building, which was completed in 2007, is located in the northeast of Bucharest about four kilometres from the city centre. Transport links are excellent, and both of Bucharest's airports can be reached in around 15 minutes.

Although the Romanian real estate market is still in its infancy, its potential is considered to be as high as that of Poland, the Czech Republic and Hungary due to strong demand from international companies and the accession of Romania to the EU in 2007.