Raiffeisen looking for land in Bucharest for new headquarters

Austria’s Raiffeisen group, one of the biggest players on the Romanian banking market, is seeking a plot of land in Bucharest to develop an office project where the bank’s Bucharest operations are set to be brought together. “We are speaking about a long-term investment and we believe this is the right decision given the constant growth and stability of Raiffeisen Bank as an organisation, as well as the current real estate market conditions. (…) We are considering several options,” Raiffeisen representatives stated. Market sources state the Austrians have already viewed several plots in central Bucharest, on which the bank could develop an office project with an area of around 40,000-50,000 square metres. The Austrians, with over 4,000 employees in Romania, now operate in Charles de Gaulle Plaza, IRIDE, BOB and Aerofina offices. In all these projects Raiffeisen pays rents whose volume would recommend the development of the bank’s own project, as construction and land costs are lower during this period. Investments are likely to revolve around 50m euros.