Austrian real estate developer kicks off new logistics project in Romania

Austrian real estate developer Immofinanz Group has started the construction of a logistics project called LOG.IQ near Bucharest. This will include a rentable area of 140,000 sqm and will require an investment of over EUR 35 million. The amount covers the construction costs as well as the plot’s acquisition. The Austrian group bought the 300,000 sqm plot located in Mogosoaia, near Bucharest, in 2005. The project’s first phase, which covers 40,000 sqm, should be delivered by the first quarter of 2016. “The logistics market continues to improve and we are ready to answer our client’s new demands for existing properties, but also for build-to-suit properties,” said Sorin Visoianu, country manager office & logistics for Romania and Bulgaria within Immofinanz Group. editor@romania-insider.com