Romanian Property News

The British property development company Equest Balkan Properties PLC recently announced that it took over the development of the commercial centre Vitantis and another two office buildings in Bucharest.

The total value of the transaction was €33.8mil, of which the majority €26.6mil went towards the commercial centre acquisition. This is a very bold move, likely to lead to strong long term profits for Equest Balkan Properties, as Vitantis Retail Park is going to be the largest complex in the south east area of Bucharest with 35,110 sqm of space, including three large format superstores and a hypermarket and shopping gallery with 70 individual retailers. The complex is planned to finish in 2008.

Although of secondary importance, the acquisition of the two office buildings is also a very good investment, expected to bring a yearly income for 2007 of approximately € 500,000 for the one situated in Calea Mosilor and €124,000 for the one from Otopeni. In case you were wondering, Equest Balkan Properties plc is a commercial property investment company focused on South Eastern Europe and primarily Bulgaria and Romania; you can see the evolution of its shares here. Amongst its core objectives are investments in a range of income-producing commercial, retail, and industrial property opportunities in the major cities of Romania, Bulgaria, Albania, Bosnia & Herzegovina, Croatia, FYR Macedonia, Serbia & Montenegro, and Turkey, where it sees such investment as having the potential for capital appreciation.

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