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Investors on real estate market in Romania

More than 70 percent of the real estate transactions concluded in 2007 in Bucharest (Romania's Capital), in overall value of 531 million euros, were concentrated on the office sector, whereas in the big cities of the country retail projects were purchased in the amount of some 750 million euros, according to consultancy Atisreal.

Austrian company Immoeast was in 2007 the most important investor on the real estate market in Romania, through the acquisition of Polus Center in Constanta (east, Black Sea port) in exchange of 185 million euros. At this year-start, on the background of the subprime credit crisis in the USA, Immoeast shed 30 percent of the value of its stock. Yet the fund bought for 200 million euros the Longbridge portfolio, containing five residential projects. Together with Immoeast, ING RE (The Netherlands) is active on the market, which paid 40 million euros for Felicia Shopping Center in Iasi (east), as well as Ixis Corporate & Investment Bank (France). It acquired the projects America House, in Bucharest, for 120 million euros and a retail park in Targu Mures (center) for 90 million euros, sold by Israeli GTC Co. and respectively by the Belgians from BelRom. Alvaro Portela, CEO of Portuguese Sonae Sierra Co., says that he is not worried about the American crisis. The company buys and develops projects and the name of Sonae Sierra is a guarantee for getting bank credits. Sursa: http://www.rompress.ro

Tags: euros estate million market ing

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