The company aims to start the construction of two new real estate projects and adjust those under development to the current market conditions, Immofinanz said in a report.
It said the main target for the development of new dwelling projects is capital city Bucharest in financial year 2012-2013.
Immofinanz Group’s properties in Romania account for 10% of the total portfolio. The group owns 88 properties on this market, including 18 completed investments, 60 projects undergoing evaluation and 10 in development, worth a total EUR1.034 billion.
Completed investments are estimated to be worth EUR679.2 million, projects under evaluation are worth EUR38.7 million and projects in development make up EUR316.5 million.
The company’s current investment portfolio in Romania comprises nine office buildings, six retail properties and three logistic centers.
In Europe, Immofinanz’ portfolio totals over 1,800 assets, with a market value of EUR10.3 billion.
Immofinanz reported revenue of EUR47.1 million from rents in Romania in the financial year ended July 31, which made up 8% of the company’s total revenue. Operating profit in Romania was EUR91.1 million at the end of the 2011-2012 financial year, making up 13.2% of the group’s EBIT.
The Immofinanz group’s revenue from rents increased by a slight 1.2%, to EUR587.7 million, supported by the retail segment.