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Volksbank discusses with ING sale of tower worth 30 million euros

Premiumred company, the real estate development division of Austrian bank Investkredit, belonging to the Volksbank group, is currently holding talks to sell the Premium Plaza office building based in Bucharest to Dutch Group ING.

The market value of Premium Plaza is 30 million euros. Representatives of Investkredit want to sell the building with an yield of 6 percent, reads Business Standard daily. They are saying they will be content with a profit of 50 percent, with the investment standing at 20 million euros. Premium Plaza covers a rentable area of 8,600 sq m. The building has 15 storeys and three basements, with 85 parking places being arranged. The first 11 storeys of the building are already completely rented. The financing for Premium Plaza was ensured 70 percent from credits from Volksbank and 30 percent from own sources of Premiumred. The construction was made by Austrian company Strabag. Officials from Investkredit also said they can in the future enter the retail segment of the local real estate market, with the company operating now only on the office segment. Premiumred is currently developing another office building in Bucharest, Premium Point, an investment worth 15 million euros. The new office building is to be completed in March-April 2009, and is to cover 6,500 sq m. Sursa: http://www.rompress.ro

Tags: premium building euros million volksbank ing

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