Johannes Rudnay, Eyemaxx: Wouldn�t want to walk in the shoes of a residential developer

Austrian real estate developer Eyemaxx Real Estate keeps its plans to set up ten logistic centers in Romania, following to invest 500 million euros, pointing out that the actual financial crisis is impossible to dent its business on the local market.

Active in Romania since 2006, Eyemaxx announced it will jointly develop together with Austrian investment fund Immoeast ten logistic centers until 2011, and a retail shopping center which is scheduled to be delivered in 2010.

“The actual global crisis will surely not the dent projects we are working on in Romania for two reasons: first of all we have already received the required funds, and we will no longer carry out any negotiation with banks in this matter, and second of all, because we focus on logistic segment, which is a developing market”, said Johannes Rudnay (photo), Managing Director at Eyemaxx Real Estate.

Rudnay added it is natural for all developers to feel the international financial woes at a certain extent, however it is very important their previous experience, their credibility in the banks’ eyes, and the sector they focus on.

“For now on, lending process will be less accessible and the procedures will certainly harden, and I would not want to walk in the shoes of a residential developer”, Eyemaxx representative said.

According to him, Eyemaxx will fully focus on logistic centers, as retailers expand, number of shopping centers and outlets is soaring, and logistic center is still underestimated. On a long run, the company eyes the office segment, and it is already seeking lands for acquisitions, including in Bucharest.

“We are seeking proper land parcels, and I believe location is the key ingredient for a project’s success. This is why we will not rush into making acquisitions, but to have a thorough study over the market,” Johannes Rudnay added.

Apart from the ten logistic centers, Eyemaxx will invest 50 million euros in Jiu Mall, a retail shopping center that will have an average size of 23,000 sqm located in Targu Jiu, and will be delivered in May 2010. Eyemaxx plans on selling all projects after the construction works complete.

“Keeping projects after their construction works are completed is not part of our strategy”, Rudnay stated, adding that projects will be put up for sale only after they will be completed and fully leased.

Translated by Camelia Oancea

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