According to a Solida press statement, “this transaction not only marks Solida Capital’s entry into Romania but also sets the stage for further investments in the CEE region, a strategic area for the firm’s long-term growth. Through this move, Solida Capital aims to contribute to the ongoing development of the regional real estate market.”
Victoria Center was acquired in 2015 by Munich-based company GLL Real Estate Partners for roughly EUR27 million. In 2018, the real estate developer was taken over by Australia’s Macquarie Group and in 2024, the real estate division was separated from the group and became Manova Partners. Victoria Center is a prime office building with a gross leasable area (GLA) of 8,600 square meters across 10 floors, including ground-floor retail space and 92 parking spaces. The property has been consistently well-let to high-profile tenants since its completion in 2010.
“The completion of our first transaction in Bucharest represents an important step in the expansion of Solida Capital’s portfolio and our strategic presence in Central and Eastern Europe. We are confident that this market holds substantial opportunities for growth and we are committed to further strengthening our footprint in the region while also creating significant value for our investors,” said Jean Aboumrad, Solida Capital Founding Partner.
Solida Capital (the buyer) was advised by law firm Kinstellar as the Lead Legal Counsel, Colliers in a commercial advisory capacity, Ernst & Young for financial and tax matters, and SC Optim Project Management for technical support. Kinstellar provided comprehensive legal support across all transactional aspects, including due diligence, structuring, drafting, negotiation, and bank financing.
Manova Partners (the seller) was advised by law firm Peli Partners as the Lead Legal Counsel, iO in commercial advisory capacity, CMS for tax & financial matters, and Sentient for technical support. The PeliPartner team involved in this transaction was led by Francisc Peli and Madalina Fildan, Partners and Delia Lepadatu, Managing Associate.
”We are honored to have been able to support Manova Partners in closing this important sale for the Bucharest real estate market. Our collaboration on this complex project reflects our team’s expertise and dedication in handling large-scale real estate transactions, as well as our ability to successfully navigate the more challenging economic conditions of the moment. This transaction, considered a landmark for the Bucharest office market, sends a positive signal about the revival of the real estate sector and the sustained interest of investors. It is clear evidence of our continued commitment to our clients and our performance in this area,” said Francisc Peli, Managing Partner of PeliPartners.
The Romanian real estate investment market concluded 2024 with a total transaction volume of EUR750 million, recording the highest transactional activity growth among the six largest economies in Central and Eastern Europe, including Bulgaria, the Czech Republic, Hungary, Poland, and Slovakia. Colliers consultants predict a strong performance for 2025, supported by an active transaction pipeline. Ongoing negotiations, valued at approximately EUR 500 million, suggest that investment volumes this year may surpass those of 2024.