UK-based investment manager Revetas Capital Advisors has confirmed that it has joined forces with Cerberus Capital Management to acquire Project Nemo, a hotel complex with 86,000 m2 of gross leasable area in a prime location in Bucharest, Romania, as revealed by EuroProperty, part of the PropertyEU group.
Financial details were not disclosed. However, the vendor is understood to have obtained close to €170 mln for the asset.
The complex includes the Radisson Blu and Park Inn hotels, featuring a total of 697 guest rooms operated by the Rezidor Hotel Group, as well as 7,500 m2 of prime retail space anchored by high-end tenants such as Burberry and Hugo Boss.
Commenting on the announcement, Eric Assimakopoulos, managing partner at Revetas, said, 'Project Nemo is one of the most compelling hospitality and retail assets in the CEE region. As the fastest growing economy in the EU, Romania offers tremendous upside potential. We look forward to increasing the value of these properties in partnership with Cerberus.'
'These properties are well poised to benefit from a number of macro trends driving economic growth in Romania. We are excited to bring long-term capital and operational expertise to help the portfolio and its tenants succeed,' added Lee Millstein, Global head of Real Estate at Cerberus.
