Popoviciu's first office buildings in Baneasa worth over 80 million euros

The first two office buildings of the Baneasa Business & Technology Park (BB&TP) project developed by Baneasa Investments, controlled by businessman Puiu Popoviciu are valued at more than 80 million euros, double the amount invested in the project (40 million euros), considering rents and yields on the office market. The two buildings have a 26,000sqm lettable area and were completely rented to companies such as BMW, Dupont, Solmar, Sonae Sierra, Adidas, Unilever, Meinl European Land and Moeller Electric, which pay a minimum of 17 euros/square metre in rent, according to officials of Baneasa Investments. Calculated at a 7% annual yield of investment, considering the location of the project and the current situation of the real estate market, where more and more investors complain about money troubles, Baneasa Investments could collect more than 80 million euros from a potential sale. “We are not interested to sell,” Baneasa representatives said. The company will continue to develop the office park, which will comprise 11 buildings with an area of 250,000 square metres. If they decide to keep the two buildings, the investment could be recouped in six and a half years. Puiu Popoviciu also owns the company that holds the Dorobanti 239 building in downtown Bucharest, Petrom’s headquarters. The Baneasa project also includes the Baneasa Shopping City mall opened this spring, whose lettable area stands at 55,000 square metres, the largest in Bucharest at the moment.