Construdava is an office building covering a total area of 9,400 sqm located in north-eastern Bucharest. The building is entirely leased by Metro Systems Romania, the IT division of Metro Group. Colliers International and law firm Cameron McKenna Romania advised on the seller and AdamAmerica was represented in this transaction by law firm Biris Goran.
According to Colliers, Romania’s real estate investment market is on upward trend, reflected both through the volume of transactions completed and foreign investors’ obvious growing interest „due to favourable conditions for movement of capital, the positive macro-economic environment and, last, but not least, due to enhanced financing conditions countrywide. In 2016, the real estate market maintained a comfortable level of liquidity, with the total investment volume reaching EUR720 million.”
In Romania, investment group Aberdeen Asset Management Deutschland AG was involved in 2015 in the biggest retail transaction on the Romanian market, in the sale of Auchan Titan Shopping Center, and in 2016, in the sale of Phoenix Tower, an office building covering a total area of 10,000 sqm, located in central-eastern Bucharest, in the vicinity of Bucuresti Mall.
European division AdamAmerica, led by Isaac Cohen Hoshen, former co-founder of Adama Holdings, holds an extended residential portfolio in Berlin, Frankfurt, Strasbourg and Bucharest. Considering the experience on the local market, the owners took advantage of the opportunity of re-entering the Romanian market by acquiring several valuable assets, such as Phoenix Tower and Construdava, and by developing new residential projects, such as the project Reveria in eastern Bucharest.