The value of the five largest transactions with office space projects reached EUR341 million in the first nine months of 2021, per Colliers data.
Over half of volumes invested in the first half of 2021 targeted three large office space transactions. The first deal consisted of the sale of the Campus 6.2 and 6.3 office buildings by Skanska to S IMMO for EUR97 million, marking a minimum record yield on the local market, after the global financial crisis in 2008, of 6.75%, which was subsequently exceeded in the third quarter of the year. Another important transaction was carried out by Uniqa Real Estate, which finalized the acquisition of The Light One office building in Bucharest from River Development, for EUR54 million. A new significant transaction targeted the acquisition of the Bucharest Financial Plaza office building in downtown Bucharest by Austria’s Immofinanz, in a deal worth EUR36 million. The largest deal recorded so far in 2021 was completed in the third quarter of the year and targeted the sale of the Hermes Business Campus, for nearly EUR150 million, by Belgian real estate developer Atenor to Adventum Group and its partners, a boutique-type investment fund management company focused on real estate properties in Central and Eastern Europe. Another transaction completed in the third quarter was the acquisition of Dacia One offices by do-it-yourself retailer Dedeman from Atenor, for EUR50 million, which marked a new decline for prime yields, although the long duration of the lease contract was a factor with a big contribution.
Also, Romanian investor RAM ASSET Management, held by entrepreneur Radu Mares, acquired the Kogalniceanu Tower office building in central city of Brasov from NEPI-Rockcastle, for EUR4 million.
Silviu Pop, Head of Research at Colliers Romania, said all big office space projects are now headed towards a mix-use component.
Colliers consultants expect the real estate investment volume to grow in Central and Eastern Europe and reach levels similar with those in 2020, of approximately EUR10 billion until the end of 2021.