Cross-border RE investments place Romania high for 2007 European deals

Newsroom 14/04/2008 | 15:52

Austrian investors were the most active in purchasing real estate assets in Romania last year, while the main type of traded property site was the development site, according to the report.
Out of the 50 biggest cross-border real estate buyers in 2007, Romania attracted eight, some of which are however in incipient stages in the country: Morgan Stanley, GE Capital, ING Group, Immoeast, Deutsche Bank, Lehman Brothers, Pirelli RE and Africa Israel. Other names on the list are just looking at Romania as an attractive target for the near future: Quinlan Private, IVG Group, and AIM. Others, such as Blackstone, have ruled out the possibility of investing in Romania any time soon.
German investors in offices were keener on putting their money into the Czech Republic, while UK investors were more active in both offices and retail in Poland and Belgium. All three countries ranked before, but close to Romania for volume of real estate investments. Overall, UK investors were the most active in European countries, while US investors focused more on Italian French and Greek offices.
Romania saw $3.3 billion of real estate deals in 2007, of which $2.8 billion were cross-border investments, which puts the country in the middle of the 26 surveyed European countries in terms of real estate investment volumes last year. Out of the 56 real estate deals counted by Real Capital Analytics, 47 were cross-border investments.
Romania was also one of the top 13 importers of real estate capital in 2007, at a similar level to Italy and $0.7 bln lower than Turkey.
The REAL Capital Analytics report mentions two recent deals with Romanian assets, the $131 million sale of BelRom's Targu Mures Retail park to AEW Europe/Natixis, and the $132 million sale of Petrom City Land to Raiffeisen Evolution.

Corina Saceanu

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