LOG.IQ is an Immofinanz Group project in Mogosoaia, offering a gross leasable area (GLA) of 140,000 square meters, say company representatives.
Construction works have been started on the first project phase with a GLA of 40,000 sqm and will end in Q4 of 2015 (Building B) and Q1 of 2016 (Building A). Phases two and three of the project will add 100,000 sqm more. The project is in Mogosoaia, close to A1, A2 and A3 highways, the Bucharest International Airport Henri Coanda and 15 kilometres away from the centre of Bucharest.
With a total surface of 280,000 sqm, the project is designed to become a premium logistics park, integrating build-to-suit options like controlled temperature spaces and low temperature storage.
The Austrian real estate company presently owns 16 properties in Romania – 9 office projects, 4 retail projects and 3 logistics parks – totaling some 400,000 sqm (GLA) and having a book value of EUR 965 million at the end of last year. This represented about 13.9 percent of the company’s total asset portfolio (EUR 6.9 billion) making Romania its third largest business behind Russia and Austria but ahead of other countries such as Germany and Poland. Overall, Immofinanz Group is present on 8 core markets besides Austria. In Romania Immofinanz Group also owns residential developer Adama.
Globally, the group manages over 470 properties in retail, offices and logistics.