The Bridge, developed by Forte Partners, is valued at EUR200 million. The parties involved confirmed the transaction.
Paval Brothers are not at their first negotiation on the real estate market, as they had been in talks with several companies before to buy various projects.
The Bridge project, which includes three stages and will cover a surface area of approximately 80,000 square meters, will be acquired by Dedeman Group. The first stage was entirely leased to tenants such as BCR and IBM, the second stage is under construction and was pre-leased to UPC, Schlumberger and Medicover, and the third stage is subject to preparatory work.
”This transaction represents a milestone on the local real estate market and in the Romanian economy. It shows a Romanian developer can compete with large international groups on a very dynamic market and can conclude large-scale transactions”, said Geo Margescu, CEO and co-founder of Forte Partners.
”The Bridge project is one of the most enticing on the real estate market and its acquisition will consolidate the activity of Dedeman group. We are hoping this is a new beginning for Romanian entrepreneurs, which will bring more confidence in the development and acquisition of large-scale projects”, said Dragos Paval, CEO Dedeman.
Dedeman group, which reported a turnover of over EUR1.37 billion in 2017, is held by Dragos and Adrian Paval brothers, the most powerful Romanian entrepreneurs. Dedeman is the largest Romanian employer, with more than 10,000 employees, boasting the largest retail trade chain comprising 48 do-it-yourself (DIY) stores, two logistics centers and wn own car park. Dedeman group has recently bought an ownership interest of over 50% in Cluj-Napoca-based brick manufacturer Cemacon. The transaction included the companies Cemacon SA and Cemacon Real Estate.
Forte Partners, established in 2014, is one of the leading real estate developers on the Romanian market. To date, the company has developed a portfolio of projects worth over EUR300 million, in the office and residential sectors.
Forte Partners has developed office buildings Stefan cel Mare Building, Nova Building and The Bridge 1, as well as the residential project Londra 27, and is developing the projects The Bridge 2, Calderon 80 and Aviației Park.