AIG Lincoln on the lookout for land for new office development

Sven Lemmes, country manager of AIG Lincoln real estate development company, says he has started looking for opportunities to acquire plots of land for new projects again, particularly new office developments in Bucharest, although one year ago, the US company would not even look at plots with a 75% lower price than during the boom period. AIG Lincoln will finish its first office project in Romania in the next two months, the Lakeview building on Barbu Vacarescu street, carried out together with a real estate fund owned by Dinu Patriciu, in the wake of 50m-euro investments. From renting Lakeview project, where, according to market information, firms Colgate-Palmolive, PricewaterhouseCoopers and Royal Bank of Scotland will move shortly, AIG Lincoln and Black Sea Global Properties (the fund owned by Dinu Patriciu) will derive rent income worth around 5m euros per year, namely a 10% return, taking into account the average level of rents.