Property investments up 18 percent in Q1
June 2013 - From the Print Edition
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Real estate investments in Romania totaled EUR 116 million in the first quarter, up 18 percent compared to same period of last year, according to a DTZ Echinox report. The office sector accounted for 65.7 percent of the total volume, followed by retail with 21.4 percent. Q1 saw several significant transactions, such as the acquisition of the Lakeview building by NEPI (a 25,564-sqm rentable office, with creditworthy tenants such as PwC, RBS and Colgate), the acquisition of a 50 percent stake in eight retail parks by Mitiska Ventures (totaling a rentable surface of 32,000 sqm in secondary cities), the purchase of Nova Building by Italo Romena and various acquisitions made by Ioannis Papalekas's group, consisting of non-performing assets, of which the most significant was the Cathedral Plaza (a vacant office building that is at the center of a dispute, consisting of 12,500 sqm). In 2012, total property investments reached EUR 299 million, excluding the value of transactions that have not been made public.
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