Completed in 2019 and with a lettable area of 21,653 square meters and certified BREEAM Excellent, The Light One is one of the most important office buildings in the Center – West area of the Capital, with a diverse portfolio of local and international tenants and part of a large mixed urban regeneration project, The Light – which will include two more office buildings and a high quality residential complex. The building has a total built area of over 150,000 sqm, of which almost 100,000 sqm of lettable office space.
The Light One is the second office project sold by River Development in Bucharest, after the sale of the Riverplace property in Sema Park, to another Austrian group, Europolis (now CA Immo), more than a decade ago, a transaction also advised at the time by Tim Wilkinson of DTZ Echinox (now Cushman & Wakefield Echinox).
“This transaction reflects the continued demand that we are tracking from core investors to acquire premium quality assets in Bucharest, despite the challenges of the pandemic. The case for investors to expand their investment footprint in CEE to Romania, has never been more evident and appealing,” said Tim Wilkinson, Partner, Capital Markets, Cushman & Wakefield Echinox.
Prime office yields have remained quite stable and the industrial market has become the most sought-after asset class. Food & DIY anchored single level retail have shown strength in the face of the pandemic, with fashion retail expected to bounce back strongly in 2021.
“The sale of The Light One office building, in a period that is still marked by uncertainties, is reconfirmation of the fact that the best assets, leased well to strong covenant companies attract interest from major investors, such as Uniqa. We are honored by the trust with which we were mandated by River Development to take the building to market and we are glad that we were able to navigate 2020 and keep the transaction on track,” said Bogdan Gubandru, Director Investment Agency, Cushman & Wakefield Echinox
River Development s a local real estate developer with over 15 years of activity in the local market. It is currently developing Sema Parc and The Light projects, both located in the central western area of Bucharest.