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Foreign investors interested in Romanian market again

Real estate consultants say that foreign investors are again interested in investing in Romania, especially active stock which ensures higher incomes for a longer period of time, but other investors are still reticent.

"After nine months, investors start buying plane tickets for Otopeni, they start coming to see what is new in Romania. A new kind of investors appeared : the ultra-opportunists, who want to obtain profits of 30% from purchases of real estate active stock", said Cristian Ustinescu, the head of the investment department of DTZ Echinox real estate services.

He showed that in these conditions the attitude of developers pressed by paying back credits is justified for the refusal of selling projects."In these conditions developers go to the bank to restructure credits and even offer banks the takeover of those projects, while investors start adjusting their expectations", Ustinescu said. In his opinion a few transactions of small dimensions will be concluded in the following period, about 3-5 million euro, although DTZ negotiates transactions with portfolios of retail projects of 100 million euro to be turned to account next year.

DTZ Echinox was selected by Aviva Investors for the real estate consulting services for a real estate fund the company wants to launch this year and which has in view purchases of real estate projects.

Troy Javher, the head of Capital Markets department of the company Jones Lang LaSalle Romania, showed that in the last 2-3 weeks investors looking for developing projects have appeared. "In the market there are only opportunist investors, looking for projects fully rented, in very good locations with easy access, at profits of 12%, lands at 2002 prices, low prices and active distressed. I think prices should still be adjusted in Romania to attract big investors, not just the speculative ones", Javher said.

The opinion of the two consultants was contradicted by ING Real Estate Investment Management Romania representative, Gijs Klomp who showed that Romania was no longer on the company investment list.

"I am happy we have only one project in Romania (Felicia commercial center in Iasi, bought in 2007 for 40 million euro. The retail market is the most affected by the crisis. We looked at several projects but the main indicator we took into account was the value of rents which was not sustainable in Romania. We would like to buy something else, but the investors are reticent to invest in Romania. Romania is not on the investment list of IMG Real Estate and we could not convince investors to reintroduce it on the list", said Klomp.

Sursa: http://www.actmedia.eu

Tags: investors estate romania market projects euro ing

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