Immofinanz posts lower revenues in Romania due to lost office tenants

Austrian real estate group Immofinanz made EUR 11.6 million in rental revenues from its 16 properties in Romania, in the first trimester of the fiscal year 2014/2015 (May 1 to July 31, 2014), down by 8% compared to the same period of the previous year. Rental revenues from its office buildings in Romania declined by 12.5%, as the average occupancy rate for these reduced from 90.4% to 76.7%. This means that Immofinanz lost tenants for almost 30,000 sqm of office space in Bucharest, Mediafax has calculated. The nine office buildings that the Austrian group currently owns in Bucharest cover 206,000 sqm. The group had revenues of EUR 5 million from its four shopping centers in Romania and some EUR 900,000 from its three logistic parks. The total value of the 83 projects which Immofinanz currently has in Romania, of which only 16 are finalized, was of EUR 964 million, at the end of July, representing about 10% of the group’s total assets. editor@romania-insider.com