Real estate developer AFI Europe has acquired the myhive Victoriei building on Calea Victoriei in Bucharest, Romania from Austria's Immofinanz.
The deal, brokered by Colliers and Cushman & Wakefield Echinox, was valued at around €27 mln, according to the firms involved.
Completed in 1998, myhive Victoriei is considered the first modern office building in Bucharest and the tallest building in the city centre, with an area of 38,703 m2.
While renovations in 2012 brought the property up to modern standards, the building has also been recently granted a permit for a complete renovation.
Radka Doehring, member of the Executive Board of Immofinanz, said: 'The successful sale of the office development in Bucharest shows that we consistently implement our focused portfolio strategy even in a challenging market environment.
'We will reinvest the proceeds from the sale in value-creating purchases of higher-yielding properties in our core markets.'
Doron Klein, deputy CEO, AFI Europe & CEO AFI Europe Romania and Czech Republic, added: 'The acquisition of the myhive Victoriei building is in line with our development strategy in Romania.
'As a long-term partner for the business community, known for developing high-end projects that bring added value to the community and the local economy, our goal is to transform this iconic property into a modern, A Class mixed use project that meets the highest standards of quality.'
The property, previously acquired by Immofinanz from Banca Comerciala Româna in March 2021, is located near Bucharest's Kilometer 0, close to the Old Centre.
Following the new building permit, the refurbished property will offer flexible office spaces, modern common areas, and various additional facilities and services, such as conference rooms, lounge areas, and social events for tenants.
'The transaction and the subsequent development of this landmark property reconfirm the solid fundamentals of Bucharest office market and will create a new retail and F&B hotspot on Calea Victoriei, between Lipscani Street, CEC Palace, Victoria Store and the National History Museum,' added Cristi Moga, head of capital markets, Cushman & Wakefield Echinox.
