The building, with gross lettable space of around 27,700 square meters (post-conversion), was BCR’s head office until last year. The costs of the transaction amount to approximately EUR36 million, Immofinanz said.
Immofinanz plans to renovate the property into a high-quality and green myhive building with a sustainability certification of at least Gold.
“The Bucharest Financial Plaza plays an important role in the latest developments in the city. It is uniquely located in the heart of Bucharest and offers access to a multitude of shops, restaurants and recreational activities. We are very pleased to have found Immofinanz as a partner, with its many years of expertise in the Romanian market and the expertise to further develop the potential of this landmark,” said Michael Werner, Real Estate Management Executive Director at BCR.
“This agreement represents an important step for IMMOFINANZ in strengthening its high-quality office portfolio and its innovative myhive office brand in Bucharest. As part of the planned refurbishment into a high-quality, modern and sustainable office property, we will also provide more space for the public area and the green city terrace will bring a highly appealing central attraction to the residents of the city,” said Dietmar Reindl, COO of Immofinanz.
The Bucharest Financial Plaza is not only the tallest office building in the city center at almost 70 meters, but is also an architectural symbol. The location on Calea Victoriei, the main street in the historic city center, provides excellent access to private and public transportation links, including three subway stations in close proximity. Since 2000, the Bucharest Financial Plaza has also formed part of a popular shopping district.
BCR relocated its head office in 2020 in a 14,400 sqm space in Business Garden Bucharest, an LEED Platinum certified office compound.
Immofinanz has been investing in Romania for over 17 years. As of 30 September 2020, the Romanian real estate portfolio had a carrying amount of EUR757.3 million, equivalent to 15.3% of its overall portfolio. The 13 standing investments have lettable space of around 334,000 sqm, with an occupancy rate of 93.6%. The largest properties include the two Bucharest office buildings, myhive S Park and myhive Metroffice, as well as the two shopping centers VIVO! Cluj and VIVO! Constanta.