The seven-floor building located near Barbu Vacarescu boulevard, in Bucharest’s most active area for real estate development, was developed by Supreme Concept Construct, part of the Supreme group owned by Lebanese brothers Jihad and Johnny Jabra.
The two brothers became known in the Romanian business world via the Nova Brasilia coffee brand which they sold in the early 2000s to US-held Kraft. Ten years later the Lebanese brothers also sold the Primola chocolate business to Austrian Meinl after bringing the company’s revenues to almost EUR22 million.
Now the Jabra brothers have also sold the office building with a leasable area of around 6,800 square meters for around EUR2,500 per leasable square meter. According to Finance Ministry data, Supreme Concept Construct had annual revenues of around EUR2 million from exploiting the building (lease and services) between 2009 and 2011, so the Italian bank could recoup its investment in around nine years’ time.
According to the Trade Registry, the sole shareholder of Supreme Concept Construct is Cyprus-based Svolona Trading. Jihad Jabra could not be contacted for comment by deadline.
Italo-Romena’s transaction confirms the bank’s intention of expanding its Romanian operations. The Italian bank plans to change its status from branch to subsidiary and to extend its retail network, according to statements made by bank representatives last autumn.
Italo-Romena is a middle-sized bank, ranking 17th by assets at the end of 2011, with a portfolio of around EUR1.1 billion.
The representatives of Italo-Romena bank, which was assisted in the acquisition of the building by the lawyers of Eversheds Lina & Guia, did not offer information about this transaction by deadline.
The two largest banks in the system, BCR and BRD, are the owners of their headquarters – Bucharest Financial Plazza and BRD Tower. Another bank that has developed its own headquarters in the last few years is Piraeus, which built its own tower in Piata Victoriei square.
(English version by Daniela Stoican)