IMMOFINANZ, one of the leading real estate investors in Romania, has leased over 80,000 sqm of its Bucharest office portfolio in the abbreviated financial year 2016, the equivalent of 10,000 sqm per month in the May-December 2016 period. This equals to more than 40% of the overall standing office portfolio. Approx. 60% of the surface is comprised of lease deals with new tenants and further extensions, while numerous agreements have been prolonged.
“We had set very ambitious objectives for the past financial year, and still, our results in Romania exceeded our expectations. We are excited to welcome numerous new tenants to our Bucharest office buildings, from a variety of sectors, which illustrates the high degree of flexibility and adaptability of our portfolio”, said Sorin Visoianu, Country Manager Operations Romania at IMMOFINANZ. “It is also remarkable to note that, of the total leased area in Bucharest last year, a record-level reported by market figures, about one in five tenants chose IMMOFINANZ properties.”
Lease agreement with HARMAN for 7,700 sqm in Metroffice for ten years
In May-December 2016, IMMOFINANZ signed lease agreements with new tenants for over 47,000 sqm of office space.
Among the most significant deals were those for the first building of the Metroffice complex, of which over half is now occupied. American company HARMAN, designing and engineering connected products and solutions for automakers, consumers and enterprises worldwide, signed a lease agreement for 7,700 sqm in Metroffice, for a period of over ten years. HARMAN will benefit from a highly tailored headquarter in Metroffice, which will include office spaces, showroom, storage, as well as an underground CAR LAB. Another IMMOFINANZ partner, PORR Construct, chose to establish its headquarters here, on a surface of over 1,800 sqm.
Other new agreements have been signed with important companies from a wide range of sectors: media (Ringier, with 2,400 sqm in Iride Business Park and Sinevizyon, with 2,000 sqm in Pipera Warehouse), retail (Kaufland, with over 2,000 sqm in Pipera Warehouse) and office-shared services (Regus, with 1,500 sqm in Iride Business Park).
Lease prolongations and expansions secure the portfolio for up to five years
Numerous IMMOFINANZ office tenants also chose to prolong and expand existing agreements in the eight months of the abbreviated financial year 2016, accounting for nearly 33,000 sqm.
Many of these companies have been IMMOFINANZ partners for about ten years: one of the top telecom players on the market prolonged its contract for almost 11,000 sqm in the Pipera I building; also, ING extended its agreement and expanded its total rented surface to 10,800 sqm in myhive S-Park.
IMMOFINANZ is a commercial real estate group whose activities are focused on the retail and office segments of eight core markets in Europe: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Moscow. The core business covers the management and development of properties, whereby the STOP SHOP (retail), VIVO! (retail) and myhive (office) brands represent strong focal points and stand for quality and service. The real estate portfolio has a value of approx. EUR 5.2 billion and covers more than 350 properties. IMMOFINANZ is listed on the stock exchanges in Vienna (leading ATX index) and Warsaw. Further information under: http://www.immofinanz.com
For additional information contact:
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