Austrian group Immofinanz gains EUR 45 mln from rents in Romania

Austrian group Immofinanz, one of the biggest real estate investors in Romania, recorded EUR 45.1 million rental revenues from its local properties in the 2015-2016 financial year, ended April 30. The rental revenues in Romania represented 14.3% of the group’s rental revenues. The properties in Romania represent 15.5% of the company’s total portfolio. Immofinanz has 76 properties (19 standing investments, 2 developments, 9 real estate inventories and 46 pipeline projects) with a carrying amount of EUR 852.5 million. The expected fair value after completion of the current group’s development projects in Romania amounts to EUR 106.6 million, according to the group’s estimates. Immofinanz core properties in Romania include ten office buildings in Bucharest and four shopping centers in Cluj-Napoca, Constanta, Pitesti, and Baia Mare. The group has sold its logistic properties in Romania to American group Blackstone as part of a bigger international transaction. The deal was completed in February this year. Overall, Immofinanz recorded financial losses of EUR 390.4 million during the 2015-2016 financial year, mainly due to the revaluation of its properties in Russia to reflect the negative evolution of the Russian currency. The company also recorded an 18% drop in its rental income to EUR 314.5 million. editor@romania-insider.com