RREEF, the property arm of Deutsche Bank, has agreed to pay EUR 341mln in the forward purchase of a 410,000 m[sup]2[/sup] mixed development in the Romanian capital of Bucharest. Ioannis Papalekas, the entrepreneur-developer of the properties, is to retain a 22% stake in the scheme. RREEF said the transaction is the largest real estate deal ever in Romania. The project involves residential and office space as well as a large underground carpark in the Pipera area of the Romanian capital.
RREEF, the property arm of Deutsche Bank, has agreed to pay EUR 341mln in the forward purchase of a 410,000 m2 mixed development in the Romanian capital of Bucharest. Ioannis Papalekas, the entrepreneur-developer of the properties, is to retain a 22% stake in the scheme. RREEF said the transaction is the largest real estate deal ever in Romania. The project involves residential and office space as well as a large underground carpark in the Pipera area of the Romanian capital.
In a statement, RREEF director Dimitris Raptis commented: 'Through our partnership with Papalekas, we have the foundations required to maximise the value potential of the assets as well as further source additional investment opportunities in Romania over the coming years.'
