September 13 (SeeNews) - Romania's refurbished IT equipment retailer CIT Group said on Thursday it has acquired the Nokia building in the city of Timisoara for 6.2 million euro ($7.2 million), marking its entry into the real estate business.
Real estate operations will be managed through the CIT Imobiliare division, the group said in a press release.
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The four-storey building, which was previously owned by Alcatel-Lucent and later Nokia, has a leasable area of 11,000 square meters.
"We are currently interested in more purchases like this one, we are looking for buildings with great potential, either in central areas or close to established business hubs. We are generally targeting entrepreneurs who need small areas of 30 to 300 sq m and who find it very difficult to access modern office spaces with a very good location," CIT Grup CEO Dan Iliescu said.
CIT Group's portfolio also includes an office building of 2,400 square meters with a total area of 6,000 square meters in Timisoara, fully rented.
Finland-based multinational communications and information technology company Nokia took over French telecommunications equipment company Alcatel-Lucent's operations in Timisoara in 2015.