This transaction is the first of CBRE Romania’s record pipeline for 2022, a pipeline with a value of over EUR1 billion and assets from all segments of commercial real-estate.
“Investor interest in the office segment remains unabated and the low time in which this deal was completed shows a new reality for the post-pandemic period. In spite of recent challenges, the market is very solid and we at CBRE have deals exceeding EUR1 billion under advanced stages of negotiation that are likely to close in 2022. Our investment team is now very cohesive and experienced and has expanded its capabilities, making us very efficient in successfully managing high value projects simultaneously,” said Mihai Patrulescu, Head of Investment Properties, CBRE Romania.
The Expo Business Park complex was completed by Portland Trust in the summer of 2019. It consists of three buildings with a leasable area of 41,500 square meters. The underground car garage can accommodate 600 cars.
Tenants include, among others, MagnaPharm Marketing & Sales Romania (former A&D Pharma), Deutsche Leasing, Mars, Omega Pharma, Regus / Spaces, Royal Canin and World Class. The third building, with a surface area of 18,000 sqm, is fully leased, on the long term, to ING Bank, which has its headquarters there.
“The acquisition of EXPO Business Park by S IMMO AG is one of the most important single-asset investment transactions in Romania in recent years. We are proud to have represented S IMMO in a new strategic acquisition process, with the role of portfolio expansion, covering a new office pole in Bucharest, the Expozitiei area, just 16 months after the acquisition of Campus 6.2 and 6.3, in the Centre-West area of the capital,” stated Laura Dumea-Bencze, Investment Properties, CBRE Romania.
S IMMO’s portfolio in Romania includes the Sun Plaza shopping mall, the Novotel hotel building, The Mark office tower and office buildings Campus 6.2 and Campus 6.3.
In the first three months of 2022, transactions with a total volume worth EUR68 million were concluded on Romania’s investment market, 31% fewer than in the same period in 2021, according to the latest data from CBRE Research. The largest deal of in the first quarter accounted for 48% of the total investment volume and consisted of the acquisition of the Record Park office building in Cluj-Napoca by AYA Properties from Speedwell, for an estimated amount of over EUR30 million.