ModaTim Investment Posts EUR2.6M Rental Revenue In 2010

05.05.2011 By Andrei Circhelan

ModaTim Investment SA, developer of the City Business Centre in western city Timisoara, obtained a revenue of EUR2.6 million in 2010 from rents in the center’s first two buildings, company executive manager Ovidiu Sandor said Thursday.

"Rental revenue generated by City Business Centre Timisoara rose 13% on the year, to EUR2.6 million, with an occupancy rate of 95% in buildings A and B, which cumulated 15,000 sqm of rentable space," Sandor said.

The third building in the complex was delivered in November 2010, which brings the overall rentable surface to 25,087 sqm, with an average occupancy rate of 90%.

Tenants include Alcatel-Lucent, Microsoft, Autoliv, Visma Software Wipro Technologies, Raiffeisen Bank and BCR.

"We estimate a EUR1.3 million increase in rental revenue this year, generated by the 9,776 sqm of building C," the company official added.

Construction on the fourth building started this year, and it is set for completion in June 2012, with a rentable surface of 9,500 sqm and an investment estimated at EUR11 million. Close to half of the money required for the construction will come from European funds.

ModaTim Investment was founded by textile company ModaTim, which was created in 1959 and privatized in 1994.

Upon completion in 2013, City Business Centre Timisoara will include five buildings with a rentable surface of 43,000 sqm.