Austrian developer S Immo invests EUR 75 mln in Romania

Austrian real estate developer S Immo will invest EUR 75 million in developing the office project The Mark and in remodeling the Sun Plaza mall in Bucharest. “Romania continues to spur a high investment potential, due to the long-term recovery of the market, the rising GDP per capita as well as the decreasing unemployment rate. S Immo thus focuses on long-term developments in the country, with The Mark and Sun Plaza projects having already started and advancing according to schedule. We are extremely optimistic for the evolution in the upcoming years,”said Friedrich Wachernig, S IMMO AG board member. The Mark is an office project located in Bucharest’s central business district, near Victoriei Square. It will have 25,000 sqm of leasable office space in two buildings. Sun Plaza is one of the biggest shopping malls in Romania. It has a gross leasable area of 80,000 sqm and will be expanded by another 11,000 sqm by early 2018. The group has invested EUR 200 million in its projects in Romania so far, which include Sun Plaza, Sun Offices, and the Novotel complex on Calea Victoriei. editor@romania-insider.com