The logistic project, located in east Bucharest, delivers 16,000 sqm in the first stage, which is 80 percent leased.
By completion time, set for 2011, the project will comprise 54,000 sqm of storage space built on a plot of land of 10 hectares.
So far, Immoeast has 73 properties in Romania, representing a book value of just under EUR 1 billion, and almost 2 million sqm of lettable space, equaling 45 percent of Immoeast's overall GLA in Europe.
The Romanian-based properties' value represents 23.8 percent of the fund's overall EUR 4.05 billion portfolio in Europe, according to a report released in March by the fund. Recently, the fund sold its share package for their joint projects in the region to the Austrian real estate developer S+B Gruppe.
In Europe, the fund recently announced that it was planning to cancel a total of 53 projects in Europe, of which half were to have been built in Romania, according to the fund's financial and investment report for the three quarters ending on January 31, 2009. The decision to cancel the 53 projects came “in the scope of measures for the consolidation and strengthening of liquidity which began in autumn of 2008,” Immoeast's report states.