Austrian developer doubles area of industrial park in Romania

Austrian real estate developer Immofinanz will double the area of the Log.Iq Ploiesti logistics park by February next year. It has signed an extension contract with local retailer Profi, the park’s tenant. Immofinanz has a 38-ha plot in Ploiesti, where it developed a logistics building with a rentable area of 15,000 sqm in 2008. The retailer Profi Rom Food has fully occupied the building since 2013. The Austrian group has extended the contract with Profi for another five years, and the retailer decided to expand the area by another 12,000 sqm. Based on this contract, Immofinanz has decided to expand the logistics park from 15,000 sqm to 30,000 sqm. 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 (photo source: properties.immofinanz.com)