Rompetrol partners Immorent in EUR 300 million Smart City mix

The compound, to be called Smart City, will include some 50,000 sqm of office buildings, and retail and housing on 100,000 sqm. Rompetrol's future headquarters will be hosted by a tower of 110.7 meters. The project will be built on 4.4 hectares of land.
The developers and investors in the project have launched an international architecture contest, with eight architecture firms invited to participate. Foster + Partner from England, Austrian Baumschlager Eberle P ARC ZT GesmbH, Austrian Neumann und Partner, Atelier 2 M Arhitectes + Arte Charpentier Arhitectes from France, German Behnisch Architekten, Spanish Estudio Lamela Arquitectos and Rafael de La-Hoz, Architects, Costas Kondylisn and Partners LLP in partnership with Alan Ritchie from Philip Johnson-Alan Ritchie Architects have all been invited to compete. German company Quickborner has prepared the architecture contest. The company also advised on the architecture competition for Erste Campus project, to be built by Immorent in Vienna. Smart City is the second largest project undertaken by Immorent, after the Erste Campus. Immorent has recently announced plans to build a EUR 300 million mixed project north of Bucharest together with a local partner. The construction works for the project should start in the second half of 2009, with the end of works scheduled in seven to eight years. Dinu Patriciu, head of Rompetrol Group, had previously announced Rompetrol's intention to build new headquarters for the company, in partnership with an investment fund. The project he referred to was to be located on a plot behind the Press House in Bucharest. According to Patriciu, the project was to include offices to let and 1,000 apartments. At the time, it was expected to soak up to EUR 200 million in investment.
Patriciu, founder of Rompetrol Group, sold his majority share package in the company last year to Kazakh oil company KazMunaiGaz. After the sale, Patriciu said he would invest in real estate, among other areas. Rompetrol is currently headquartered in an office building on Calea Victoriei. The Smart City project will use alternative energy, say its initiators, while the residential buildings will host gardens on their top floors. The entire compound will include 2,500 underground parking spaces.
Austrian-owned Petrom, a rival oil company active in Romania, has also decided to invest in a project to include its headquarters. Petrom's project, called Petrom City, will require a EUR 130 million investment, and will be located in Straulesti, north of Bucharest. The company has already started works on the project.

Corina Saceanu