Austrian real estate developer Immofinanz has started the speculative construction of a logistics park in Mogosoaia, next to Bucharest.

The new project, which is developed under the Log IQ brand and doesn’t yet have tenants, will have railway connection and access to the city’s ring road, reports local Economica.net.

The developer will build an area of 40,000 sqm in the first stage, which will be later expanded to 140,000 sqm. Immofinanz owns a plot of 280,000 in Mogosoaia.

“We see positive signs for the industrial sector, which is more active than the office sector,” said Sorin Visoianu, country manager office & logistics Romania and Bulgaria with Immofinanz Group.

The Austrian group owns properties worth EUR 950 million in Romania. Between November 2014 and January 2015, these properties generated a rental income of EUR 11.5 million.

editor@romania-insider.com