Austrian fund Immofinanz ups three-month revenues from rents in Romania

Real estate investor Immofinanz generated EUR 12.4 million revenues from rents in Romania between May and July 2013, EUR 11.9 million higher the same period the previous year. Around EUR 7 million came from office properties, which comprise half of its leasable space and have an occupancy rate of 90 percent. The other EUR 5 million came from retail properties, totalling some 146,000 sqm, with a 93 percent occupancy rate. Logistics properties, some 52,000 sqm, brought revenues of EUR 0.4 million during the quarter. At the end of July this year, the fund had a portfolio of 88 properties worth some EUR 1 billion in Romania, covering some 9.7 percent of its overall portfolio of properties. Standing investments - properties held by Immofinanz for generating rental income - were worth EUR 654 million in Romania. The 17 properties, with a rentable space of some 400,000 sqm, were 88 percent leased out at the end of July 2013, according to the investment fund's most recent report. In Romania, the fund has 60 pipeline projects worth some EUR 309 million, which represent undeveloped land or temporarily suspended projects. Its full financial report can be found here. Immofinanz owns Iride Business Park, S-Park, Pipera I, Victoria Park, Bucharest Corporate Center, Global Business Center, North Center, Baneasa Airport Tower offices in Bucharest, the retail properties Polus Center in Cluj, Maritimo Shopping Center in Constanta, Gold Plaza in Baia Mare, Euromall in Pitesti, Armonia Center in Arad and logistics properties Log Center near Bucharest, in Ploiesti, Brasov and Sibiu. editor@romania-insider.com