Equest’s Romanian portfolio increases above the average

Newsroom 12/05/2008 | 15:42

Currently focusing on development projects rather than on further acquisitions, Equest is looking at investing between EUR 30 and 50 million in logistics parks and retail shopping centers in Romania, according to the report. “The minimum forecasted return on cost for development deals is 9 percent, with a few projects expected to reach 11 percent,” the company reports.
The fund holds a 70 percent participation in a retail site in Ploiesti. Equest paid EUR 3.9 million for its share in the 33,000-sqm site.
In order to fund future development projects, Equest plans to exit selectively some non-core investment assets in Bulgaria and in Serbia and to withdraw from all long-dated developments. It plans to sell City Center Mall in Sofia, Bulgaria, and office development Serdika Forum, also in Sofia, as well as Apollo, its mixed-use project in Belgrade.
The Romanian projects to be funded with the expected cash from these sales should be the most expensive in the pipeline, as the smaller retail warehouse projects in Serbia will require only between EUR 3 and 7 million in investment.

Corina Saceanu

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