Fosun’s investment is carried out through the Resolution Property Investment Management division, which acts as an investment manager in value-added real estate properties. Resolution owns 77 properties in ten 10 countries via five funds.
With this acquisition, U.S. Oracle will become the tenant of a building held by a Chinese investment fund.
For the Floreasca Park project, held by Germany’s GLL, talks targeted a 75 yield on investment. Thus, the sale price would be around EUR100-110 million. GLL had bought the project from Portland Trust in 2015 for EUR104 million, at a 7.5% yield.
GLL Real Estate Partners also owns in Bucharest the Victoria Center building on Calea Victoriei (Victory Avenue) and Charles de Gaulle Plaza in Aviatorilor area.
The Floreasca Park project was completed at the end of 2013 by Portland Trust and covers 37,500 square meters. Its main tenants include, among others, Oracle, Allianz, Kellogg’s and BASF. Investments in Floreasca Park reached nearly EUR70 million.