Billionaire Tiriac Builds Business Center In Victory Square, Bucharest's Prime Office Area

05.23.2011 ZF English

Ion Alexandru Tiriac says there is still demand for office space and that he will start construction work of a 14-floor office building in Piata Victoriei square, at the northern end of the future Uranus Boulevard.

Billionaire Ion Tiriac, one of the richest businessmen in Romania, who controls a business worth nearly one billion euros in real estate, the auto industry and financial services, will soon start construction of an office building in Bucharest's Piata Victoriei, considered to be the focal point of business center investments.

Tiriac has had a plot at one end of Buzesti Street for several years, which also accommodates buildings of billionaire Dinu Patriciu and of Austrian companies such as Immofinanz and Premiumred.

Ion Alexandru Tiriac, son of billionaire Ion Tiriac and representative of the shareholder in the boards of directors, is directly involved in this project. "We will shortly start construction of a new 14-floor AAA building, which will be located on Buzesti Street, close to Piata Victoriei."

The start of works on the latest investment announced by Tiriac Holdings in the Piata Victoriei area comes nearly six months after the municipality started demolition work in order to build a new boulevard that will link Piata Victoriei to Piata Progresul square, along Buzesti, Berzei, Vasile Parvan and Uranus streets and Tudor Vladimirescu Boulevard. This route will render traffic more fluid, as an alternative route to Lascar Catargiu Boulevard and Calea Victoriei Avenue.

Tiriac did not specify the value of the investment in the new office building, but according to ZF estimates, it is likely to be around EUR20 million, with the overall area of the building likely to be close to 20,000 square meters.

On the other hand, Tiriac Imobiliare, the real estate division of the group controlled by Tiriac, rented out 40 apartments in Stejarii residential complex and will start construction of the project's club nearly one year later than originally planned, according to Ion Alexandru Tiriac.

The club will entail an over EUR20 million investment, according to ZF estimates, and will include eight tennis courts, four of which will be covered, two swimming pools, a shopping area, three restaurants and an around 1,000-space underground parking lot.

This is set to be the second investment started by Tiriac Holdings this year.