Romania's Vectr Holdings has purchased The Landmark office park in Bucharest from funds managed by Revetas Capital and affiliates of Cerberus Capital Management.
The transaction, conducted through subsidiary Vectr Realty, is worth around €70-80 mln, according to local market experts.
Developed in 2016, the BREEAM Excellent certified business park consists of three class A office buildings with a gross leasable area of over 23,700 m2 and parking facilities in 3 underground levels.
Located in the central district of Bucharest and close to all types of public transportation, The Landmark hosts companies such as UiPath, Total Energies, Wolf Theiss, Premier Energy, and Systematic.
Chintan Surana, Group CEO of Vectr Holdings, said: ‘Vectr Holdings aims to acquire well-managed assets and businesses and to continue to grow them. The Landmark is an iconic office building in Bucharest, and we are pleased to add this great asset to our real estate portfolio. It aligns with our standards for efficiency, sustainability, innovation, and productivity.’
Eric Assimakopoulos, founding partner at Revetas, commented: ‘Key ESG improvements, common area upgrades and bringing in amenities to serve the complex, its tenants and the local community have secured The Landmark as the prime office address in Bucharest. Revetas’ rigorous commitment to quality and the experience within the community are a major factor in driving demand for high-quality offices in a market where offices across Europe struggle to find liquidity’.
Oana Partenie, director of portfolio Management at Revetas, added: ‘This transaction highlights the robust demand and accessibility of capital for fully-occupied office parks with solid foundations in the CEE region.’
Vectr Realty was advised by RTPR and KPMG Romania while the seller was assisted by Theiss. Colliers acted as sale side advisor.
