“Stage B of the project is conditioned only by the market. If the market is absorbing the first stage, we will immediately start the next stage. The investment is started from own funds, so that we are not conditioned by financing. We are currently in talks with potential tenants, we have not signed contracts yet,” Panait said.
The two office buildings will have ten floors each and a surface of 12,290 sqm and 17,270 sqm, respectively. The third building will have seven floors and 20,060 sqm. The spaces will be rented for EUR15/ sqm.
After completion, the three buildings will also benefit from a commercial area of 3,000 sqm.
According to Panait, the project also includes a residential area, but the works will start after the completion of the office buildings.
“The residential area is a subsequent stage. It will have 50,000 sqm. We haven’t considered a date for starting works yet. (…) At the moment, we focus on the office part, which we want to complete as soon as possible,” Panait stated.
The project is developed on the plot of land of 54,000 sqm of former Timpuri Noi factory in Bucharest.
Investment fund Interprime Properties, part of Swedish group IKEA, bought Timpuri Noi site in 2010, for EUR34.6 million.