Sven Lemmes, country manager of AIG Lincoln real estatedevelopment company, says he has started looking for opportunitiesto acquire plots of land for new projects again, particularly newoffice developments in Bucharest, although one year ago, the UScompany would not even look at plots with a 75% lower price thanduring the boom period. AIG Lincoln will finish its first officeproject in Romania in the next two months, the Lakeview building onBarbu Vacarescu street, carried out together with a real estatefund owned by Dinu Patriciu, in the wake of 50m-euro investments.From renting Lakeview project, where, according to marketinformation, firms Colgate-Palmolive, PricewaterhouseCoopers andRoyal Bank of Scotland will move shortly, AIG Lincoln and Black SeaGlobal Properties (the fund owned by Dinu Patriciu) will deriverent income worth around 5m euros per year, namely a 10% return,taking into account the average level of rents.
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