The deal was handled by real estate consultancy firm Cushman & Wakefield Echinox.
The housing part of Belvedere Residences was bought in 2019 by London Partners from businessman Gabriel Popoviciu.
Belvedere Residence is under construction on Fabrica de Glucoza street and is the first large housing project in Barbu Vacarescu area. Overall, the housing area will have 1,500 apartments in 13 buildings.
The shopping gallery has a leasing area of around 6,000 square meters, with 200 parking spaces. The first three phase of the projects have been completed, with the fourth one due to be delivered by end-2024.
“We are witnessing rising interest from the part of private investors for the acquisition of income-generating real estate projects and retail spaces, generally anchored by food networks, are among their favourite ones. (…) For the coming period, we expect to complete further deals under various stages of negotiation with similar properties,” states Mihaela Pana, Partner Private Investment Capital Markets at Cushman & Wakefield Echinox.
The retail segment was in 2022 the second most appealing asset class by deal volume, after offices, and the potential is rising given negotiations underway.
(English version by Catalina Apostoiu)