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Sparkassen, investments of over 230 million euro in Romania

The value of the projects developed in Romania by Sparkassen Immobilien, the real estate investment arm of Austrian group Erste Bank stands at 237,4 million euro.

Sparkassen is developing two office projects called Grivita I and II, located in Bucharest, whose market value was calculated at 12,5 million euro at end-2007. The two buildings are part of a joint project of offices and retail spaces, developed on 5,900 sqm. The cumulated lettable area of the project is 15,600 sqm. The investments planned for this centre stand at 45 million euro. The finalization is scheduled in H2 2011. The company is also developing two retail centres. One of them has a market value of 7,4 million euro. The second mall, called Sun Plaza, will be developed in partnership with Euro Mediterranee Consulting (EMCT) and has a market value of 36,5 million euro. The company also holds the 4-star Novotel Hotel in Bucharest, evaluated at 44,7 million euro, bought in 2006 in a sale-lease back deal of 30 million euro. The Austrian developer forecasts the retail market in Romania will not reach saturation in the near future given the difficulties the investors are facing in terms of obtaining money for the finanlisation of all the shopping centres announced. Sparkassen posted 2007 total revenues of almost 95,9 million euro. Sursa: http://www.rompress.ro

Tags: euro million romania sparkassen

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