Immofinanz sells 5 hectares of land in Northern Bucharest

Austrian group Immofinanz, one of the biggest real estate investors in Romania, has sold two land plots totaling over 5 hectares in Northern Bucharest to Belgian real estate developer Speedwell Real Estate Development. The value of this transaction was not made public. The Belgian developer said these two land plots, located on Jandarmeriei street, will help it complete its premium residential portfolio. The two land plots used to belong to residential developer Adama, which was acquired by Immofinanz in 2011. Last year, the Austrian group started selling land plots from Adama’s portfolio. Immofinanz said it will sell several other plots in Bucharest in the next period. Immofinanz makes almost EUR 12 mln from rents in Romania Romanian properties bring a fifth of Immofinanz’s rent revenues Immofinanz starts selling plots in Romania editor@romania-insider.com