Generali moves house to BCC

The insurance company Generali Romania is moving its headquarters to Bucharest Corporate Center, a 13-storey class A office building close to Piata Victoriei, where it will rent five levels. “This space will allow us to develop over the next three years. I hope we will move in the second half of February,” says Tudor Moldovan, the general manager of the insurance company. Generali will rent some 3,500 square metres in Bucharest Corporate Center. Considering prices in the area, approximately 16-18 euros per square metre per month, the insurance company should be paying an annual rent of 672,000 – 756,000 euros. Still, its representatives say that they will get a preferential price, lower than the market rate, because of the shareholding connections between the Austrian investment fund Immofinanz, the owner of the building, and Generali Holding Vienna, Generali”s majority shareholder. The representatives of the company did not say what the duration of the lease was, but specified it was “a very long-term” contract. Market sources say that a division of the Generali group in August negotiated the acquisition of the building from its developers, Bucharest Corporate Center Ltd based in Cyprus and Summa Romania. The deal was not finalised and the building was later acquired by the Austrian investment fund Immofinanz, in a deal totalling about 26.5 million euros, the quoted sources say. ZF