Czech investor PPF Real Estate has purchased a construction site land with a building permit in Bucharest, for the development of a new office building named ARC from property developer RC Europe. The project is due for completion in 2024 following an estimated investment of €60 million.
The planned ten-story office building spanning 30,000 sqm will be located at the western end of the extended city center, which is fast becoming one of Bucharest’s core business districts. The works on the ARC project are scheduled to begin in the second half of this year.
“The demand for quality office space is rising hand in hand with Romania’s growing economy, and we can very clearly see this need in the capital. We want to capitalize on these factors to diversify further and strengthen PPF Real Estate’s position in this market,” says PPF Real Estate’s Investment Director Juraj Šaštinský.
The project will include modern underground parking for more than 300 cars, charging stations for electric vehicles, facilities for cyclists, storage space and its own recreational garden.
PPF Real Estate has a portfolio valued at more than €3 billion.
