As the total real estate deals are expected to reach EUR800 million this year, the moves on the Bucharest office space market will generate one quarter of the amount.
The biggest deal by value is the acquisition of Floreasca Park office complex by German-held real estate asset manager GLL Real Estate Partners from developer Portland for about EUR75 million to EUR85 million, according to market data. GLL also owns Charles de Gaulle Plaza office building in Bucharest.
Floreasca Park, completed at the end of 2013 in one of the hottest office space areas in the city, Calea Floreasca-Barbu Vacarescu, has a floor area of 37,500 square meters and its main tenants include Oracle, Allianz, Kellogg’s and BASF. GLL made progress with buying the Victoria Center office building near Piata Victoriei in Bucharest this year, held by Bluehouse Capital. ZF estimates the deal at EUR30 million to EUR40 million. The building has a lettable area of 8,300 square meters and Citibank and JLL among its tenants.
Another important deal on the Bucharest office space market was the acquisition of the B building in the Green Court complex developed by Sweden’s Skanska by real estate Investment Company Globalworth of Greek businessman Ioannis Papalekas. Globalworth paid EUR47 million for the 18,600 square meter building, whose tenants include Carrefour, Colgate Palmolive and Sanofi. The deal should be closed by yearend.
Globalworth announced last year it had bought the A building of the complex for EUR42 million, a deal finalized this year.
Austria’s CA Immo, which owns several office buildings in Bucharest, this summer bought the minority interests of the European Bank for Reconstruction and Development in several of its Eastern European properties, including Europe House (14,400 square meters) in Piata Victoriei and Riverplace (48,000 square meters) near Petrache Poenaru (Semanatoarea) subway station in western Bucharest. The two deals were worth EUR30 million, according to market information.
(English version by Loredana Fratila-Cristescu)