CEE-focused property firm Immofinanz has acquired an office building in Bucharest, Romania, for €36 mln, which it plans to transform into a flexible workspace under its myhive brand.
The Bucharest Financial Plaza office building was acquired from Banca Comerciala Româna (BCR), the largest financial services group in Romania and a subsidiary of the Austrian Erste Group Bank.
The building, which should have a gross rentable space of around 27,700 m2 post-conversion, was BCR’s head office until last year.
Dietmar Reindl, chief operating officer of Immofinanz, said: 'This agreement represents an important step for Immofinanz in strengthening its high-quality office portfolio and its innovative myhive office brand in Bucharest.
'The Romanian economy will recover rapidly from the decline caused by the pandemic in 2020 and we expect positive developments in the coming years.
'As part of the planned refurbishment into a high-quality, modern and sustainable office property under our flexible premium myhive brand, we will also provide more space for the public area and the green city terrace will bring a highly appealing central attraction to the residents of the city.'
The renovation work is scheduled to start following the planning and approval phases in the second half of 2022, with completion scheduled for 2024.
The Bucharest Financial Plaza is not only the tallest office building in the city centre at almost 70 metres, but is also part of a popular shopping district, Immofinanz noted.
