SEE Real Estate AG i.L.
SEE Real Estate AG developing an industrial and office park in western Romania
SEE Real Estate AG / Miscellaneous Release of a Corporate-announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Munich/Timisoara (Romania), March 8th 2007 - SEE Real Estate AG, a company involved in the purchase and development of commercial properties in Eastern Europe, has signed and sealed its first large-scale project: a 26-hectare site has been purchased in Timisoara, Romania's third largest city, at a cost of €5.4 million. The property company, which focuses on Southeastern Europe, will develop the 'Timisoara Airport Park for Logistics, Light Industries and Offices' on this site. The projected complex has an excellent traffic infrastructure: traffic links to all major cities in Eastern Europe and the second largest airport in Romania, Timisoara Traian Vuia, are located in the immediate vicinity. The site is located in pan-European traffic corridor IV (Vienna-Budapest-Timisoara-Bucharest-Sofia-Istanbul section). The Timisoara motorway section (Hungary-Timisoara-central Romania-Bucharest) is scheduled for completion in 2013. With effect from 2008, the project will also be connected to the national road network via the Timisoara bypass ringroad. With a population of around 550,000, Timisoara is the economic and cultural centre of western Romania. The last few years have seen the settlement of a large number of foreign companies, primarily from the automotive component supply and electrical industries, in Timisoara, which was the centre of the revolution in Romania in 1989.These companies include Continental, Siemens, Alcatel, Linde, Procter & Gamble and Nestlé. The unemployment rate in the Timisoara region is very low and currently stands at 2.2%. The company is planning to develop the site with at least 3 logistics halls each with an area of 30,000 m². If there is corresponding demand among customers, it will also be possible to offer tenants other areas as an alternative. 'The project in this location is unrivalled in terms of traffic links, construction standards and the planned outfitting', said Oliver Schenk, CEO of SEE Real Estate AG. 'Due to the market situation, we are expecting a high level of demand similar to that for comparable successful projects in the capital Bucharest.' The logistics park has a planned investment volume of €47 million - the expected rent yield is 17%. In view of its excellent location near the airport, 2 three-storey Class A office buildings were planned each with a rented area of around 13,000 m².If these office buildings are constructed, the investment volume will rise to €67 million. The rent yield would therefore increase to 19%. More than €3 million are being invested in the infrastructure of the overall complex. The first building will be completed at the start of 2008 and the entire park at the end of 2009. About SEE Real Estate SEE Real Estate AG purchases, develops and builds commercial properties in Southeastern Europe, for the time being primarily in Romania but also in other countries in Eastern Europe in the medium term. The objective is long-term rental. In order to be in close proximity to both local markets and investors, the company is managed from Stuttgart and Timisoara in Romania. Contact SEE Real Estate AG Roman Simschek Chief Financial Officer Stuttgart Office: Friedrichstrasse 15 D-70174 Stuttgart Tel.: +49 (711) 508852282 Fax: +49 (711) 508852289 e-mail: r.simschek@see-ag.com Press Contact Beckenbauer&Gaiser Kommunikation Birgit Haisch Montsalvatstrasse 3 D-80804 Munich Tel. +49 (89) 127 137 68 Fax: +49 (89) 127 156 18 e-mail: haisch@bug-kom.de Contact in Romania SEE Real Estate AG c/o Invest4SEE s.r.l. Nicoleta Rotaru Office Manager Str. Zugrav Nedelcu No. 8 RO-300174 Timisoara Tel.: +40 (256) 200341 Fax: +40 (256) 295119 e-mail: n.rotaru@invest4see.com DGAP 08.03.2007 ----------------------------------------------------------------------
Latest News
Latest Reports
Upcoming Events
No Events found
Webcasts
No Webcasts found