Brothers Raj and Alok Gupta, who also own London Partners, are behind the Group.
The transaction, according to Ziarul Financiar (ZF) sources, ranged between EUR60 and 75 million.
Vectr Holdings, a privately-owned group of companies, is engaged in various sectors including agricultural operations, agricultural machinery distribution, fitness, and real estate in Romania through its verticals Vectr Farms, Agroconcept, World Class and Vectr Realty.
The Landmark, developed in 2016, is a BREEM Excellence Certified business park comprising three class A office buildings with a GLA of over 23,700 sqm. Located in the central district of Bucharest, it hosts major companies such as UiPath, Total Energies, Wolf Theiss, Premier Energy and Systematic etc.
Vectr Realty acquired The Landmark from funds managed by Revetas Capital and affiliates of Cerberus Capital Management.
“Vectr Holdings aims to acquire well-managed assets and businesses and to continue to grow them. The Landmark is an iconic office building in Bucharest, and we are pleased to add this great asset to our real estate portfolio. It aligns with our standards for efficiency, sustainability, innovation, and productivity,” said Chintan Surana, Group CEO of Vectr Holdings. “We continuously work to stimulate economic growth and contribute to the communities in which we operate. This transaction follows our recent in the agricultural market with the acquisitions of Padova Agriculture and Contara, of 4000 ha of fully irigated land, and demonstrates our strong commitment to the Romanian market.”
Vectr Realty was advised by the legal team of RTPR and the advisory team of KPMG, while the seller was assisted by law firm Wolf Theiss.
Investment funds Revetas Capital and Cerberus put up for sale The Landmark offices in early 2020, with a record yield for the local market, of 6.75%, as per data on the real estate market. Colliers International acted as advisor for the sellers. According to ZF calculations, to achieve such an investment yield, the funds will have to sell the project for EUR70-75 million. Previously, Revetas and Cerberus had bought the project with a 7.25-7.5% yield, for nearly EUR60-65 million, from Piraeus. The sale of The Landmark comes in the context in which the funds bought the offices in 2018, and, at the end of 2017, they also bought the Radisson Hotel on Calea Victoriei (Victory Avenue)in Bucharest.