Clothing manufacturer ModaTim allocates 8m euros for office building

Clothing manufacturer ModTim, which is investing 8 million euros in building an over 10,000 square-metre office building in Timisoara, could finalise the building at the beginning of September of this year, a month ahead of the original deadline. “The structural frame of the building will be ready in the next few weeks, as work is ahead of schedule. As a result, we concluded that we will be able to open the building at the beginning of September, one month earlier than we had originally expected,” Ovidiu Sandor, the company’s manager, told ZF. The project is named City Business Center, and is being erected on a 2,200 square-metre plot of land, with the building to having a lettable area of some 8,000 square metres. The funding of the project largely comes from banks. “With the real estate business undergoing a significant development throughout the country, as well as in Timisoara, we noticed that we own a plot which is suitable for real estate development. Given that Timisoara has not had any class A office buildings up until now, we have decided it was time to take steps in this direction,” says Sandor.