“Flexibility and adaptation are the key words of nowadays”
“IMMOFINANZ delivered strong results for the first three quarters of 2021, even though the markets generally remained under the influence of the COVID-19 pandemic. We have been successful throughout the crisis and are positive in continuing our growth strategy,” Fulga Dinu, Country Manager Operations Romania, IMMOFINANZ told The Diplomat-Bucharest.
“The challenge for all of us for the next few years will be to remember the benefits of communities, relationships, or shared spaces. For two years now we have been talking about isolation or distancing. There has even been a particular focus on the benefits of working remotely or trading online. But we are by nature social beings.”
COMMITMENT TO PERFORMANCE | BUSINESS EVOLUTION, PROJECTS, PERFORMANCE, FIGURES
“IMMOFINANZ delivered strong results for the first three quarters of 2021, even though the markets generally remained under the influence of the COVID-19 pandemic. We have been successful throughout the crisis and are positive in continuing our growth strategy.
The IMMOFINANZ properties in Romania have a book value of EUR 777.7 million and represent 15.4% of the company’s total portfolio. The standing investment portfolio splits into 8 office buildings (10.4% of the total standing office portfolio) and 5 retail properties (18.5% of the total standing retail portfolio).
We were pleased to announce the launch of two important investment projects in the office building segment and to finalize the modernization of one third of VIVO! Baia Mare.
Thus, we started the year by announcing the acquisition of the Bucharest Financial Plaza office building from Banca Comercială Română (BCR), a subsidiary of Erste-Group. Current plans include upgrading and transforming it into a high quality green myhive building with at least “Gold” sustainability certification. After renovation, the gross leasable area will reach 27,700 sqm. We will also provide additional public space here, with a green, urban terrace that can become a city centre destination, attractive to residents.
As of December 2021, we have also started working on the refurbishment of Victoria Park office building and its transformation into a myhive building.”
STRATEGY & VISION | RETHINK STRATEGY & PRIORITIES
“This ever-changing environment was a challenge for any leader in real estate management, and not only. The impact on companies of the evolution of the weight of online commerce or remote working has been substantial. However, flexibility and adaptation are the key words of nowadays.
For IMMOFINANZ, flexibility has already become the main pillar for our myhive concept in the office segment. We have recently upgraded the concept, to offer an extremely wide range of options to our tenants, to meet almost any kind of request, coming from companies active in any type/model of business. Thus, we offer the possibility to conclude long or short-term contracts, to benefit from all-inclusive rental services. This package offers a combination of high quality co-working space with the advantages of a modern office, characterised, for example, by a generous space, served by a wide range of services and an excellent infrastructure.
In the retail segment, we completed the refurbishment of the VIVO! Baia Mare shopping centre, specifically from this desire to adapt to the current needs of our tenants. We now host here a Lidl grocery store and we have created modern spaces for more than ten shops with new shopping concepts.
In 2022 we will move on with the already mentioned refurbishment and conversion projects for the office buildings we own, offering tenants the best conditions for future development. Victoria Park and Bucharest Financial Plaza are the best examples of this.
Also, our tenant Provita will open the first hospital located in one of our office buildings in Romania, with a capacity of 110 beds and seven operating rooms. The opening is expected to take place in the first quarter of 2022.”
PEOPLE & COMMUNITY | FOCUS ON SAFETY, SOCIAL APPROACH, LEVERAGE THE POWER OF COMMUNITY
“Since the pandemic started, IMMOFINANZ made the decision to redirect the budget for Christmas presents to CSR projects. In order to help children in particular need, this year IMMOFINANZ AG supported two Austrian institutions with a donation: “Kinderhospiz Netz” (Children’s Hospice Network) and St Anna Children’s Hospital. In Romania, IMMOFINANZ has chosen to support Blondie Association to purchase an air ambulance destined to transport Romanian children who need to be treated outside our country. Moreover, IMMOFINANZ Romania has set a long-term partnership with Hospice Casa Sperantei where the profit tax is redirected on a yearly basis.”
KEEN ON GREEN | SUSTAINABLE, GREENER, COMMUNITY & ENVIRONMENTALLY-FOCUS
“All the investments in the continuous development of our buildings play an important role in the reduction of the resources used and the carbon footprint.
IMMOFINANZ views itself as a partner to its stakeholders and is above all committed to its tenants and their customers with the assurance of quality and safety. Sustainability factors are incorporated in the planning, construction and operation of our properties in order to meet the needs of our stakeholders and to minimize the environmental impact through business activities. The constant reduction in the CO2 footprint of our portfolio, through usage of environmentally friendly technology and the systematic improvement of the portfolio’s energy efficiency, constitutes part of our sustainability strategy.
IMMOFINANZ is currently working intensively on measures and the formulation of quantitative targets to achieve long-term climate neutrality in its portfolio and has the objective of continuously improving the portfolio’s resource utilization efficiency.”
DIGITAL DNA | GRASPING TECH, DIGITAL INNOVATION, CUSTOMER -DRIVEN, BUILDING NEW BRIDGES
“Technological innovations are making an important contribution to meeting the increasingly complex requirements of tenants in our office buildings.
For example, the myhive app plays an important role in this respect. This allows us to better communicate with our myhive community members, especially during this pandemic time when we were not able to organize offline activities as we usually do for the community. As we switched to online communication, we took advantage of myhive app where we uploaded the materials (video presentations, posts etc.) available only for the myhive community members.
We also offer high-speed Wi-Fi in all our common areas, as well as charging stations for electric cars.
Remote working has been one of the most talked about topics over the last two years, with the focus on its benefits. The home office has become one of the modern ways of working, just like working on a train, plane or in a café. It makes sense to be able to work from anywhere.
But the home office cannot completely replace the benefits of an office in a dedicated building because the social aspect and personal interaction are key to innovation and productivity in companies. There is still a significant percentage of employees who say they find it more difficult to stay focused or motivated at home, get their tasks done or feel less connected with their colleagues.”
2021 IN 3 KEY WORDS OR MORE
“Health, security, and flexibility.
Beyond health & safety and the growing concern of companies to put employee security at the forefront, flexibility will continue to be increasingly sought after, whether we are talking about flexibility in negotiating rental contracts or flexibility in the use of office space. Also, I want to mention the ability to rethink certain investment projects and adapt them to current market realities.”
2022 IN 3 KEY WORDS OR MORE
“Communities, nature, and communication.
The challenge for all of us for the next few years will be to remember the benefits of communities, relationships, or shared spaces. For two years now we have been talking about isolation or distancing. There has even been a particular focus on the benefits of working remotely or trading online. But we are by nature social beings.
I also think that in recent years we have discovered more and more how important nature is in our lives. Therefore, as part of the planned refurbishment of Bucharest Financial Plaza office building into a high-quality, modern, and sustainable property under our flexible premium myhive brand, we will provide more space for the public area and the green city terrace will bring a highly appealing central attraction to the residents of the city.
I also mentioned communication as being very important because understanding the real and actual needs of tenants has been and will remain essential for us as a company. I think the fact that we have had many contracts signed for the expansion of occupied areas or that we have attracted new tenants shows that we have done a good job in this respect.”