Austrian real estate developer Immofinanz will invest in refurbishing five office buildings in Bucharest, with a total rentable area of 100,000 sqm.

The process will take place under the umbrella of the Myhive concept, reports local Economica.net. The five office buildings include S-Park, Iride 20, Metroffice, Victoria Park, and Iride 19.

The S-Park office building was completed in May 2007, and was acquired by Immoeast (the former name of Immofinanz) from the local family Tanasoiu with EUR 90 million. The same year the Austrian developer bought the Victoria Park office building with EUR 60 million.

One of the oldest office buildings owned by Immofinanz is Iride 20, completed in 2004. The first stage of the Metroffice project was completed last year.

For S-Park, the investment amounts to EUR 1.8 million. The developer will change the interior, by including social spaces, lockers with showers, as well as parking places for charging electric cars. In the second refurbishing stage, it will expand the exterior.

The investment in Metroffice amounts to EUR 600,000. As for the other office buildings, the investments depend on their specifications, said Sorin Visoianu, Immofinanz country manager operations Romania.

Not all the buildings owned by the Austrian developer in Bucharest will go through the refurbishing process.

editor@romania-insider.com

(photo source: Myhive-offices.com)