Immoeast starts the year with 60m-euro acquisition

Austrian investment fund Immoeast has bought Victoria Park office complex for some 60 million euros, which has been developed by Belgian firm Liebrecht & wooD close to Baneasa airport, sources close to the transaction were quoted as saying by Mediafax. Immoeast representatives did not wish to comment on the transaction and Liebrecht & wooD representatives could not be contacted. This is the first significant transaction seen on the local market in the last few years. Victoria Park comprises four office buildings with a total lettable area of some 20,000 square metres. Two of the buildings were already completed in December last year, with the other two to be opened by September this year. Among Victoria Park’s tenants are KPMG, Siveco and BIC. Construction work on Victoria Park started in March 2006. Before the actual work started, Johan Rogiers, manager of the Romanian office of Liebrecht & wooD stated that the investment in Victoria Park would amount to 20 – 22 million euros. This is not the first development sold by Liebrecht & wooD in Romania, which built and sold Militari Shopping Centre to the Austrian investment fund Meinl European Land for some 20 million euros in 2000.