Immofinanz sells 3ha of the IUS industrial platform in Brasov

Austrian investment fund Immofinanz has sold another 3-hectare plot of the former IUS industrial platform in Brasov, central Romania, to a real estate developer. The price is estimated at around EUR 7 million, according to Economica.net.

Last year, Immofinanz sold another 1.2-ha plot of land to retailer chains Lidl and Kaufland for EUR 3.8 mln.

Immofinanz initially planned to develop a Stop Shop center on the IUS platform, which had an initial area of 6 hectares. Last year, when it sold the first plot to the two german retailers, Immofinanz representatives explained that they abandoned the idea of developing their initial project because of the bureaucracy.

The Brasov City Hall could turn the remaining 1.8 hectares of the IUS platform into a park if it manages to buy the land from the Austrian investor, Economica.net wrote.

Investment fund EFG Urban Achizitii bought the 6-hectare land of former tool factory IUS in Brasov in 2005 for EUR 2.6 million. In 2009, Immoeast (rebranded as Immofinanz meanwhile) bought the European Future Group fund, including EFG Urban Investments, and the land became a property of the Austrian fund. Initially, Immoeast was planning to invest EUR 240 mln in a mixed-use development there.

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