Commercial Property Developer IMMOEAST invests heavily in Poland
The Austrian based real estate developer concentrates funds heavily in the emerging Polish market.
IMMOEAST is expanding its real estate portfolio in Poland along with other Eastern European countries such as Hungary, Romania and Turkey in a bid to tap into a low outlay, high profit sector.
Two major investments have been announced and finalised, totalling a volume of € 63 million in top business locations in the capital city of Warsaw. The first of which is a project to convert 20,000 m² of land, within the heart of Warsaw, into a 17-floor office building by Q3 2009. The second newcomer to the portfolio will be a 15,000 m² office building which will house the likes of LG Electronics and Polish building group Warbud. These new assets sit along side with IMMOEAST’s previously acquired office building, purchased in 2006.
“These are genuine prime properties and fit ideally into our portfolio in Warsaw,” says Director General Karl Petrikovics. “With them IMMOEAST points up its leading position on the Warsaw office market.” With both of the recent acquisitions IMMOEAST’s portfolio in Poland has grown to 61 properties with total usable space of 2.2 million m² and a fair value of approximately € 1.3 billion. Measured in terms of usable space, with a share of 17%, Poland is the second largest investment location of IMMOEAST.
A few weeks ago IMMOEAST carried out its biggest capital measure to date, a capital increase in the range of € 2.84 billion with which a € 6 billion investment programme is being financed through the end of the 2007/08 business year. One third or € 2 billion of this has already been finalised.
IMMOEAST is expanding its real estate portfolio in Poland along with other Eastern European countries such as Hungary, Romania and Turkey in a bid to tap into a low outlay, high profit sector.
Two major investments have been announced and finalised, totalling a volume of € 63 million in top business locations in the capital city of Warsaw. The first of which is a project to convert 20,000 m² of land, within the heart of Warsaw, into a 17-floor office building by Q3 2009. The second newcomer to the portfolio will be a 15,000 m² office building which will house the likes of LG Electronics and Polish building group Warbud. These new assets sit along side with IMMOEAST’s previously acquired office building, purchased in 2006.
“These are genuine prime properties and fit ideally into our portfolio in Warsaw,” says Director General Karl Petrikovics. “With them IMMOEAST points up its leading position on the Warsaw office market.” With both of the recent acquisitions IMMOEAST’s portfolio in Poland has grown to 61 properties with total usable space of 2.2 million m² and a fair value of approximately € 1.3 billion. Measured in terms of usable space, with a share of 17%, Poland is the second largest investment location of IMMOEAST.
A few weeks ago IMMOEAST carried out its biggest capital measure to date, a capital increase in the range of € 2.84 billion with which a € 6 billion investment programme is being financed through the end of the 2007/08 business year. One third or € 2 billion of this has already been finalised.
posted by Obelisk International at 10:45 am
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