Real estate developer S Immo has announced that it will continue to invest in Central and Eastern Europe in 2019, having expanded its portfolio by up to 35,000 sqm of gross floor area, with purchases in Bucharest and Budapest, according to a press release by the company.
The company closed on the purchase of a property in Bucharest’s city centre, on Calea Dorobanti, where it is planning to develop modern boutique offices with a total area of around 5,000 sqm. Construction on the project is scheduled to start in 2021. This will be S Immo’s fourth project in Bucharest.
Friedrich Wachernig, member of S IMMO AG´s Management Board, commented: “With these purchases, we are continuing to invest in the office market in the CEE region, which has been very strong for quite some time now. Our most recent office projects – the Einsteinova Business Center in Bratislava and The Mark in Bucharest – have been successfully let out. We are assessing further investment opportunities in Budapest and Bucharest, but also in Bratislava and Zagreb, on an ongoing basis.”
S Immo has been on the Romanian market for 13 years and also owns the Sun Plaza mall and the Novotel hotel in Bucharest.