European real estate company Immofinanz has sold an office complex in Bucharest, Romania, for €44.7 mln.
The buyer is Alin Nuculae, a Romanian businessman and owner of petroleum distributor Oscar Downstream.
The Iride Business Park in Bucharest's Pipera district offers over 83,000 m2 of rentable space across 17 buildings situated on 22 plots of land. Notable tenants include medical services provider Provita, German communications equipment manufacturer Rohde Schwarz Topex, and local media group Antena.
The transaction includes nearly 60,000 m2 of existing office space, 12.5 hectares of land with the potential to develop an additional 300,000 m2 of office space, and 1,028 parking spaces.
However, it does not include the designated area for a new hospital on which Provita plans to build a hospital of approximately 25,000 m2 on this site. Provita has secured a 25-year lease for this land from Immofinanz.
The prime location of the Iride Business Park, close to the Pipera metro station and only 8 km from Otopeni International Airport, has made it a highly sought-after area for developers in recent years.
The sale of Iride Business Park is part of Immofinanz's ongoing efforts to streamline its portfolio in Romania, including the recent sale of the Bancorex building to AFI Europe for around €27 mln.
This acquisition aligns with Niculae's growing interest in real estate development. He already has a substantial portfolio that includes Akcent Development, a stake in Exigent Development, and ongoing projects such as Akcent City in Bucurestii Noi and the Cloud 9 project on Soseaua Pipera.
