Immofinanz to sell large plot in Bucharest

Real estate group Immofinanz, the third largest developer in Romania, has put up for sale the land of the former Ventilatorul factory in Bucharest, according to market sources cited by local Economica.net. The deal’s value is estimated at about EUR 30 million. The plot covers 53,000 sqm and could be used to build a residential complex. It is located near the Academia Militara future metro station, in the Razoare area, not far from the Eroilor area. The plot could host a compound with nine 11-floor buildings, according to the announcement of intent to develop an Urban Zoning Planning - PUZ in 2013. Immofinanz is giving up assets that are not part of the company's core business, which now focuses only on the retail and office segments. In 2008, Immofinanz acquired a portfolio of several plots, including the land of the former Ventilatorul and Rocar factories in Bucharest, in a transaction estimated at EUR 200 million. editor@romania-insider.com