Deutsche Bank pays EUR 100m for Bucharest's office building

The real estate division of German financial group Deutsche Bank has agreed to acquire Bucharest's highest office building, BOC, in a deal worth over EUR 100 mln, Romanian newspaper Ziarul Financiar reported.

The newly completed scheme provides 57,000 m² of office space and is part of the UpGround project, developed by a number of British and Greek businessmen, represented by Ioannis Papalekas, the paper said. The project also includes another office building completed last year and two residential properties currently under construction in the northern part of the city.

The sellers were assisted by Biris Goran, while RTPR - Allen & Overy law firm assisted National Bank of Greece London and Bank of Cyprus, which reportedly financed the acquisition.