Austrian group Immofinanz, with assets of over EUR 900 million in Romania, will invest EUR 35 million to develop the first office building from the 40,000 sqm real-estate project they will build in northern Bucharest to extend the Iride Business Park in Pipera.

"Immofinanz Group has started working on a new office project in Bucharest called Metroffice. This marks the beginning of a long-term process of transforming and extending the Iride Business Park into a modern urban sub-center called Iride City. Metroffice will have a leasable area of about 40,000 sqm, and the first building will expand over nearly 20,000 sqm and six floors. Construction work has recently begun, and will be completed in the first quarter of 2016, according to our estimates," representatives of the Austrian group said.

Immofinanz has been active on the Romanian market since 2004 and currently holds a portfolio of properties worth EUR 964 million.

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