DEGI took over Iris retail centre of Bucharest for 140 mln euro

The investment fund Deutsche Gesellschaft fur Immobilienfonds (DEGI), part of Aberdeen Property Investors Group of Scotland, has completed taking over the Iris retail centre in the Titan district of the Capital, from the group of companies Avrig 35, a transaction worth over 140 million.

This is the second transaction that DEGI concludes on the local market after, last year, also through Eurisko consultants, it purchased for 110 million euros the three office buildings in the portfolio of the British company Charlemagne Capital - Millennium Business Center, PGV Tower and Construdava, reads a release of the real estate consultancy company CERE / Eurisko.

"The transaction amounts to about 140 millio.n The Titan project spreads on a land area of approximately 10 hectares and includes the first Auchan hypermarket on the local market, with a sales area of 16,000 square metres and a retail centre with an area of about 30,000 square meters, to be opened in summer this year.

The whole project is planned on a built area of 60,000 square meters", said in the release, Florin Tirla, account manager, capital markets CBRE / Eurisko.

"This transaction confines the forecasts of the CBRE / Eurisko consultants.

We appreciate that the local investment market is less affected by the real estate crisis which the United States, and not only, are facing Romania is still perceived as an attractive market.

In the context of international financial market instability, this year, investment funds are only more cautious", said Alexandra Dimofte, head of capital markets within the real estate consultancy company.

The Avrig 35 group brings together over 35 companies engaged in construction and real estate development on the residential, commercial, office space and industrial segments.

At the half of last year, the group had 17 real estate projects under development, in a total amount exceeding 500 million euros in Bucharest, Suceava, Piatra-Neamt, Focsani, Constanta, Satu Mare, Arad, Timisoara, Brasov and Pitesti.

The investment fund DEGI is one of the most important German companies of real estate management.