Austrian real estate fund Immofinanz on December 20 announced that it sold a 53,000-sqm land plot in Bucharest, known as former Ventilatorul industrial platform, to Romanian developer One United Properties. The value of the deal was not disclosed.
The land is more appropriate for residential projects, a segment that is out of the target of Immofinanz, the seller explained.
"We focus on the development of our office and retail portfolio, so we have included in our strategy the sale of properties that do not fit into our core portfolio. The land of the former industrial platform is best suited to the development of residential projects so it was included in the sale process and the transaction was completed with One United Properties”, said Immofinanz country manager of operations in Romania, Fulga Dinu.
Romania is part of Immofinanz's core markets as the Austrian investor owns a portfolio of over EUR 800 million in the country, including 9 office buildings and 6 retail properties.
Immofinanz is a commercial real estate group that focuses on retail and office segments across seven major European markets - Austria, Germany, the Czech Republic, Slovakia, Hungary, Romania and Poland. The group owns a portfolio of approximately EUR 4.2 billion, comprising over 230 properties.
One United Properties, set up by Romanian investors Andrei Diaconescu and Victor Capitanu, is one of the most active premium residential developers in Bucharest.
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