Immorent to begin EUR 300 million project in Bucharest
07 May 2008
Real estate leasing company Immorent, part of Austrian Erste group, is to begin developing a real estate project worth EUR 300 million in Bucharest at the end of 2008. Furthermore, the company plans to invest some EUR 100 million annually to acquire land and develop projects, especially shopping centres, in cities with more than 100,000 inhabitants.
The Bucharest project will be built on 4.4 hectares of land and cover a total 150,000 square meter area, including offices (30 percent) and residential buildings.
Last year, Immorent Romania increased turnover by some 87 percent, up to EUR 53 million, of which EUR 36.7 million were income from real estate leasing and the remaining EUR 16.3 million from equipment leasing. The company is forecasting a 52 percent increase in business in 2008.