Immoeast acquires S-Park in Bucharest (RO/AT)

S-Park, a prestigious class A business park in Bucharest developed by Primavera Development, has been forward purchased by Immoeast AG, a majority-owned subsidiary of the listed Austrian property company Immofinanz AG. The transaction will be formally concluded on completion of construction. Immoeast's investment totals €101.5 million.

Artist impression of S-Park.

S-Park is currently under development by Primavera Development with expected completion of construction by August 2007. S-Park consists of 31,000 m² of institutional grade office space, 2,500 m² of retail and restaurant space in addition to 430 underground parking spaces.

S-Park has been planned to provide full flexibility to occupiers and offers both open plan and cellular space. The four H-shaped designed blocks with ground and five upper floors are fully interlinked by three attached blocks utilizing a classic business park configuration. The building access will be through two principal reception areas that serve as main vertical communications and amenities cores linked by a horizontal gallery at ground floor level. The top floor provides marvellous views over the adjoining Herestrau Park.

S-Park is strategically located in the fast growing Northern part of Bucharest, which has developed as the city's leading office location for multinational occupiers given its proximity to the airports, the city center and the preferred residential districts. The project is in a prominent position along Ploiesti Road, the North-South axis leading from Bucharest´s two airports. It provides easy access to all city districts, is approximately 4 km away from the city center and is a five- and fifteen-minute drive to Baneasa Airport and Otopeni Airport respectively. S-Park is conveniently located nearby two major transport hubs, Baneasa Bus Station and Presei Libere Plaza served together by nearly 30 bus and tram lines.

The development was initiated by Primavera Development and ING Real Estate Development, who later served as development consultant for the project.

As Bucharest's prime business park S-Park is now 100% pre-leased to leading multinational occupiers including ING, CMS Cameron McKenna, SAP, Goodyear, Johnson & Johnson, Heineken (Brau Union), Wrigley, Fortis and Telemobil which will all operate strategic headquarter functions from S-Park.

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