Fabian Romania Property Fund has agreed to buy the Baneasa Business Center office in the north of Bucharest from Austria's Immoconsult Leasinggesellschaft for EUR 24 mln. The office development is part of the one million m[sup]2[/sup] Banaesa project - one of the largest urban development projects in Europe. The business centre proeprty generates EUR 1.85 mln in rent annually. Once refinanced, Fabian Romania's net equity investment will be EUR 5 mln.
Fabian Romania Property Fund has agreed to buy the Baneasa Business Center office in the north of Bucharest from Austria's Immoconsult Leasinggesellschaft for EUR 24 mln. The office development is part of the one million m2 Banaesa project - one of the largest urban development projects in Europe. The business centre proeprty generates EUR 1.85 mln in rent annually. Once refinanced, Fabian Romania's net equity investment will be EUR 5 mln.
This is the third acquisition by Fabian Romania this month and its sixth overall in Bucharest. Last week, the company acquired the Romana office development in Bucharest for EUR 8 mln, reflecting a purchase yield of 8.9%. The property with 3,000 m2 of lettable area is expected in August this year.
On 4 June, Fabian Romania acquired the 3,000 m2 Evocenter office building in the Pipera-Voluntari district of Bucharest for just under EUR 5 mln. The property is due for completion this summer and Fabian Romania said it expects rents of EUR 12 per m2 per month for the ground, mezzanine and floors one to four. Once all the space is fully let, the yield is forecast to be 9%.
Fabian Romania is part of London-based fund manager Fabian Capital.