Real estate deals close to EUR 1 billion in H1, says Atisreal

Newsroom 30/06/2008 | 15:44

The biggest deal in the first half of the year was the EUR 340 million sale of Upground project to RREEF, part of Deutsche Bank. It was followed by the EUR 182.5 million sale of Winmarkt's retail portfolio to Italian IGD Group, and by the recent sale of Iris Shopping Center to DEGI for EUR 147 million.
Atisreal also mentions Sonae Sierra's investment in Parklake Plaza project, the sale of La Fourmi, investment fund's Romania Invest purchase into the Evocasa Armonia residential project, and the sale of Targu Mures retail park to AEW Europe.
Real estate pundits believe the number and value of real estate deals in Romania will stay at high levels, triggered by favourable market conditions and by the high number of underway projects.
However, due to instability on international markets, investment funds will become more cautious in 2008 over buying expensive properties, and will look for alternative investments with high yields, according to Atisreal.
The investment market in Romania was less caught up in the aftermath of the credit crunch in the US, so it remains attractive, with high occupancy rates, high demand and stable rents, Atisreal specialists say. The stock of office space in Bucharest reached 1.74 million sqm at the end of the first five months this year, up 27 percent on the same period of last year, according to Atisreal. The firm, a subsidiary of BNP Paribas, entered the Romanian market earlier this year, by taking over local Cornerstone International.
Corina Saceanu

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