Buildings of Millions Euros: Immofinanz Revenues Are Growing

Between May 1st 2012 and January 31st 2013, Immofinanz, one of the most active real estate investors in Romania has registered revenues from rents of EUR 35.9 million. The revenues in 2013 represent 7.7% of the total revenues from rents registered by the group, according to the financial report of Immofinanz.

The nine office buildings, with more than 206,400 sq. m and occupancy rate of 80.6% have generated revenues of EUR 16.2 million, down from EUR 17.7 million, registered in the previous year.

The five retail projects, totalizing 147,000 sq. m and 92.1% occupied have registered revenues from rents of EUR 4.7 million. On the logistic sector, where the company owns three projects with more than 52,000 sq. m, the occupancy rate is 76.9% and the revenues from rent were EUR 0.5 million, according to Mediafax.

Compared to last year, the office buildings have a lowest occupancy rate, while the commercial centres have more tenants. In these conditions, the value of the office projects has decreased from EUR 351 million to EUR 349 million, while the retail projects were evaluated at EUR 286.1 million, increasing from EUR 285 million.

Immofinanz Group’s assets in Romania represent 9.7% of the total portfolio of the company. The group owns in Romania 89 properties (17 completed investments, 11 ongoing and 61 projects in pipeline), with a total value of EUR 991.1 million, down from EUR 999.2 million in the previous year (EUR 657.2 million – completed investments, EUR 36.7 million – ongoing projects and EUR 297.2 million – pipeline projects).

Reporting to the completed assets, Immofinanz has debts of EUR 264.2 million, representing EUR 40.2% of the assets value. The company has ongoing an office project on the industrial platform Electronica, on dimitrie Pompei Blvd. The most important office buildings owned by Immofinanz include Iride Park, Victoria Park and Bucharest Corporate Centre. On the retail segment, Immofinanz owns Euromall Pitesti, Polus Center Cluj, Gold Plaza and Maritimo Shopping Center.

Immofinanz currently owns more than 1,670 properties with a market value exceeding EUR 10 billion. the main activity of the group includes the acquisition and management of the asset investments ,real estate projects developments and selling. Immofinanz is active on retail, office, logistics and residential segments in eight regional markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia. (source: wall-street.ro)