Austrian group Immofinanz, one of the most important investors on the real estate market in Romania, has started selling land plots suitable for residential developments as part of its new strategy to focus on retail and office properties.

The plots are managed by Adama, a residential developer Immofinanz bought for EUR 100 million, in 2011. The investor is now trying to sell several pieces of land as well as the Adama business platform.

Immofinanz has already sold a 1.2-hectare land located on the Ghencea boulevard in Bucharest, as well as a 1.3-hectare plot located on the Erou Iancu Nicolae street in Voluntari, near Bucharest. The investor is in the last stage of selling a 10,800 sqm plot on the Vasile Lascar street in the center of Bucharest.

Immofinanz hasn’t revealed any other details related to these transactions. It is also in the process of selling other plots in Bucharest, with a total area of 70,000 sqm. One of the most important assets that is up for sale is the 5.3-hectare plot of the former Ventilatorul factory in Bucharest.

Last year, the Austrian investor sold all its properties in the industrial-logistics sector to Logicor.

editor@romania-insider.com