Globalworth snaps up Bucharest office tower for €50m

AIM-listed Eastern European-focused investor Globalworth Real Estate has signed an agreement to buy the Nusco tower in Bucharest, Romania, from its owner, Nusco Group.

The transaction, valued at €50 mln, is expected to close in Q2 2015.

The 23,000 m2 office tower was delivered in 2010 and is leased to international tenants including Oracle, Bayer and Volksbank. As part of the deal, Nusco Group also sold to Globalworth a 2,500 m2 land plot located in close proximity of the tower.

Colliers International provided strategic advice to the Nusco family during the transaction.

'The sale of Nusco Tower represents a successful exit by the Nusco family from a landmark project that had a key shaping role in the development of what is now recognized as the most vibrant office address in Bucharest,' commented Robert Miklo, associate director with the Investment Services team of Colliers International Romania.

This submarket has witnessed the third major investment transaction in a month, after the sale of Skanska’s Green Court Phase I and the sale of Promenada Shopping Center by Raiffeisen Evolution.

Earlier this year, Globalworth also acquired the Timisoara Airport Park from Invest4SEE.