Mainz, October 9, 2008 - Westdeutsche ImmobilienBank AG (WestImmo) is providing €48m of finance for the Northgate Office Building in Bucharest, Romania.

Erected in 2007, the building has a total rental surface area of 20,658 m² and some 540 parking spaces in all. Tenants of the fully let property include Renault, BCR/Erste Bank and Orange/Vodafone.

The office building is located in the northeast of Bucharest about four kilometres from the city centre. Transport links are excellent, and both of Bucharest’s airports can be reached in around 15 minutes.

The borrower is Creativ Invest Srl, a company equally owned by Marius Ivan and Tom Quinn. Between them the two shareholders have some €450m of investments in the construction and real estate sector.

The Romanian real estate market is still in its infancy. With high demand from international companies and the accession of Romania to the EU in 2007, its potential is considered to be as high as that of Poland, the Czech Republic and Hungary.
WestImmo is the Center of Competence for real estate financing and structured real estate transactions in the WestLB group. It has offices in Berlin, Düsseldorf, Hamburg, Mainz, Münster and Munich and is also represented in London, Madrid, New York, Paris, Prague, Tokyo and Warsaw.