AIM-listed European Convergence Property Company (ECPC) said on Thursday that the sale of its office portfolio in Bucharest to German property fund Degi for EUR 111 mln is nearing completion. ECPC said it would soon receive the majority of the proceeds and was 'working with its advisors to secure the most suitable mechanism for returning these monies, along with any un-invested cash, to its shareholders'.
AIM-listed European Convergence Property Company (ECPC) said on Thursday that the sale of its office portfolio in Bucharest to German property fund Degi for EUR 111 mln is nearing completion. ECPC said it would soon receive the majority of the proceeds and was 'working with its advisors to secure the most suitable mechanism for returning these monies, along with any un-invested cash, to its shareholders'.
Back in August when the deal was firs announced Degi said the sale of the 35,000 m2 portfolio will be the largest transaction ever in the Romanian office market.
The portfolio includes the 18-storey Millennium office tower and the eight-storey Construdava office building, with a total investment volume of EUR 83 mln. The assets are earmarked for the portfolio of Degi International, which having closed this transaction is broadly diversified with 25 properties in 10 countries. The 10,617 m2 PGV Tower, for a price of EUR 29 mln, goes to the semi-institutional fund Degi Global Business, which thus owns eight properties in seven countries.
