Iride Business Park and North Center increased their occupancy rate, both through new leases and lease extensions.

According to Eduard Zehetner, CEO Immofinanz Group, the local office occupancy rate reached 90.4% in the end of the first quarter of the fiscal year 2013/2014.

„We still consider the projects in pipeline in order to re-activate them when the market shows a proper evolution”, he said.

Iride Business Park increased its occupancy rate with 8.62% following the new signings. Japan Tobacco International, a tenant since 2002, has extended its lease on five years for an area of 7,100 sq. m. IC Companys, apparel producer, also a tenant since 2004 has extended its lease for five years on 630 sq. m. RX Atelier, a company offering printing and copying equipments, since 2003 in Immofinanz’s portfolio, has extended the lease for another five years, on 275 sq. m.

Iride Business Park is situated in northern Bucharest in the newest office area, only 15 minutes from the airport. The office park has a rentable area of 92,878 sq. m.

 North Center has increased its occupancy rate from 45% to 73.4% in the last nine months. The most recent leases were signed with two existing tenants: Bunge, a player in agriculture industry and URS Corporation, a company providing engineering, construction and technical integrated services.

Both companies have extended their leases for a period of three years. Bunge leased a total area of 1,510 sq. m, while URS Corporation has a total area of 1,500 sq. m. URS Corporation is Immofinanz’s tenant for 10 years.

North Center is situated in Pipera area and has a rentable area of 9,628 sq. m.

Immofinanz Group has in Romania four A Class properties. Overall , the group owns in Romania nine office projects with a total rentable area of 206,427 sq. m, a value of approx. EUR 350.1 million and an occupancy rate of 90.4% at 31st of July 2013. (source: dailybusiness.ro)