Liviu Tudor To Invest Minimum EUR20M In Expansion Of Novo Park, West Gate Business Parks

05.29.2015 By Gabriela Stan

Liviu Tudor, the owner of West Gate (Militari) and Novo Park (Pipera) business parks through Genesis Development, stated that the two projects will be extended by one building each, given that their occupancy rates near 100%.

 Liviu Tudor told ZF Con­struction & Infra­struc­ture Summit ’15 that the pre-lease level should reach mini­mum 50% for old tenants and 80% for new tenants, before the launch of a new project. Investments will reach 10-14 million euros for each building, coming from loans and own sources.

Tudor added that the projects can be started this year, depending on tenants’ demand.

According to real estate consulting firm DTZ, Bucharest’s modern office stock stands at 2.2 million square meters in the first quarter, placing the Romanian capital last among big CE European capitals.

On the other hand, Bucharest also registered the lowest vacancy rate, of 13.3%, on the modern office segment.

Novo Park includes seven buildings, while West Gate includes five buildings, each with a rentable area of 75,000 square meters of A class offices. Novo Park tenants include GarantiBank, Ringier, Luxoft, HP, Sodexo, UniCredit and Mondelez, while West Gate clients are Ericsson, Siemens, Dacia Renault or Alpha Bank, among others.