Real estate developer Portland Trust is planning to extend its Floreasca Park office building complex in Bucharest, after having already leased 75 percent of the available space in the initial development, sited near the Aurel Vlaicu metro station, Northern Bucharest. The developers are hoping to have the two office blocks 90 percent leased by the time they are complete, scheduled for November this year, according to local financial newspaper Ziarul Financiar.

Portland Trust founder Robert Neale said he wants to develop and extra 80,000 sqm of office space at the site, beyond the two 37,500 sqm buildings currently being constructed. Neale told ZF that the extra land needed to expand the development was already under the company's control, but that “some legal issues” needed to be ironed out. Portland Trust bought the land for the project from Gigi Becali, whom Neale described as a “friend” in comments quoted by ZF. Neale indicated that around three hectares of land were under discussion for the expansion.

Portland Trust is one of the busiest developers on the Bucharest real estate market. The company's portfolio includes the Opera Center I and II office buildings, Bucharest Business Park and Floreasca 169A.

Portland Trust was established in 1997 by Robert Neale, who is currently the owner and managing director of real estate firm. The company is based in Prague, Czech Republic and has been operating in Central Europe since the 1990s.

In 1999 part of Portland Trust, including its subsidiary companies, was bought by Apollo Real Estate Advisors, now AREA Property Partners, to expand the business and take on larger projects. AREA has committed equity of over EUR 3 billion in over 127 transactions in the European real estate market since 1995.

editor@romania-insider.com

photo source: portlandtrust.cz