Immofinanz: 22.8m euros from rents despite 885m-euro portfolio

Austria’s Immofinanz investment fund, the most powerful investor on the domestic real estate market after taking over Immoeast fund, in the first half of the financial year (May-October 2010) 22.8m-euro revenues from the renting of 15 real estate properties domestically, down 13% from the same period of last year, though the Austrians hold a portfolio valued at 885m euros in Romania.

The Austrians, who in 2005-2008 period bought plot after plot, have many projects put on ice, so that out of 49 properties included in the portfolio, just 15 are generating revenues, with the rest being projects under construction (such as Maritimo Constanța), or plots “frozen” in various stages, reveals a financial report by the Austrians.
The biggest revenues were generated by the nine office projects owned in Bucharest, which brought 15.4m-euro revenues in the first financial half.
The smallest occupancy rate for properties included in Immofinanz portfolio is registered by the three logistic projects, put at 25.8m euros, but which have tenants for only 64.2% of spaces.