S-Park developers plan investments worth 200m euros

Primavera Development, controlled by the Tanasoiu family, some of the most active real estate developers on the local market, has ongoing investments worth almost 200 million euros, both on the office and residential sectors in Bucharest. The largest of these projects will be the development of an office building in the Northern part of the capital, a project that could also entail a hotel. “We have a one-hectare plot on the corner of Gafencu and Danielopolu Street, where we will erect a multi-storey office building and a hotel, provided that we find a hotel operator. The project is still in the design stage, but the investment is estimated at 60-70 million euros, excluding the value of the land,” Daniel Tanasoiu, a manager and shareholder of the company, told ZF. The company’s first large project, S-Park, was sold last year to the Austrian investment fund Immoeast for 104.5 million euros, with a portion of the money being used to acquire several plots of land in Bucharest. The company’s second most advanced project is an office building in the Colentina district, EOS Business Park, which will be delivered this year to Danone, after the dairy producer decided to rent the entire building. “Close to Danone’s plant, we have a three-hectare plot on which we could develop at least 30,000 square metres of office space. At present, we are looking for tenants who want to rent the entire space of the second building. However, we won’t start construction works until we have a solid contract,” said Tanasoiu, who specified that 15 million euros would be invested in the project.