ROMANIA: Immofinanz invests 80 million euros in the development of a logistic park | Progresiv
Immofinanz Group, one of the leading investors and developers in the Romanian real estate market, started construction works on the LOG.IQ Bucharest logistic project. the lettable area of the logistics warehouses will be 140,000 sqm, the total investment amounting to 80 million euros. 
The logistic park is located in the northwest of the Capital, in Mogosoaia, and covers an area of 280,000 square meters. The initial phase of the LOG.IQ Bucharest park is scheduled for delivery in the fourth quarter of 2015 (Hall B) and first quarter of 2016 (Hall A) and comprises of a lettable area of 40,000 square meters. Steps 2 and 3 of the project will increase the leasable area with 100,000 square meters.
About 17 million euros investment in the first development phase
The investment in the first phase of construction will amount to 16.7 million euros, plus another 19 million in land acquisition. The whole infrastructure of the site is completed, including interior streets and utility networks (water, sewer, gas, electricity, telephone lines). In addition, the project benefits from access to rail and highways A1, A2 and A3, through the ring road.
A potential client might be retailer Profi, given that Immofinanz Group recently announced the extension of the cooperation in Ploiesti with the company controlled by investment fund Profi Rom Food. The partnership with Profi extended by five years, and the retailer has expanded the space detained in Ploiesti with 12,000 square meters, reaching a lettable area of approximately 27.100 square meters. The investment in the expansion of the logistic space is about 15 million euros.
The collaboration with Profi dates from 2013, when the retailer had, as the sole tenant of Log.IQ Ploiesti, 15,000 square meters of logistics space.
Immofinanz Group is one of the most important real estate investors and developers, being active in the sector since 1991. The company is focused on retail, office and logistics segments in eight main regional markets: Austria, Germany, Czech Republic, Slovakia, Hungary, Romania, Poland and Russia.
