The deal could amount to around EUR90 million, with an investment yield of 6.75%. Forte Partners representatives could not be reached for comment.
In 2019 when the project was launched, Forte valued it at EUR200 million on completion of the two phases. The U Center has a two-basement levels plus eight stories and a lettable area of 63,000 square meters for both phases, of which about 30,000 sqm is the first phase and 33,000 square meters the second phase. Tenants include Endava, Booking.com, Lensa and Glovo.
The deal is for the first phase of the project – the first built and leased. Forte Partners is already working on the second phase and a third involves the land purchased from Adesgo.
A residential component will be developed there in addition to an office component, and all three phases will have a total of 14,000 square meters of retail space. Geo Margescu, CEO and co-founder of Forte Partners told ZF in an interview in 2021 that he aimed to build 20,000 square meters of office space and 250 apartments in the third phase.
U Center is the third large project in the Paval brothers’ portfolio in Bucharest after The Bridge – also developed by Forte Partners and Dacia One, developed and sold by Atenor. Dedeman also bought The Office building in Cluj in 2019 for around EUR130 million.
(English version by Loredana Fratila-Cristescu)