The majority of the real estate consultants estimated that at the end of the year the value of the transaction from the market will probably exceed EUR 1 billion, but, until now, at least, the number do not match the estimate.
According to the consultants the year started well with the sale of Militari Shopping Center in West Bucharest, to the South-African investment fund Mas Real Estate. The seller was the Israeli company Atrium European Real Estate, which withdrew from the local market for EUR 95 million.
Other transaction was the sale of the first building in the Campus 6 office complex, a project by the Swedish developer Skanska, sold to the Austrian company CA Immo for EUR 53 million and the sale of office complex Oregon Park, developed by Portland Trust, sold to Lion’s Head Investment for a sum estimated between EUR 160 million – EUR 180 million.
These were the most important transactions of the half of the year evaluated at ardoun EUR 328 million.
The second semester transactions
In the second semester appeared the EUR 200 million transaction between Romanian companies Dedeman and Forte Partners for The Bridge, followed by the EUR 10 million purchase of 50,000 sqm land plot of Speedwell from Immofinanz, and another land acquired in Bucharest, the 47,000 sqm and EUR 23 million land plot that was took over by AFI Europe behind AFI Cotroceni mall.
Returning to offices, Czech investor PPF signed the acquisition of Crystal Tower office for a value between EUR 40 and EUR 50 million, from Search Corporation, a company controlled by businessman Michael Stanciu.
As well, appeared a transaction in other city than Bucharest, in Cluj-Napoca, where British fund Property First acquired Maestro Business Center an almost 7,000 sqm office building, with an estimated EUR 5 to EUR 7 million.
A industrial platform in Iasi was purchased by real estate developer Prime Kapital, set up by Martin Slabbert and Victor Semionov, former managers of the South African investment fund NEPI Rockcastle.
Teba Industry’s platform of 10 hectares was bought for around EUR 28 million and Prime Kapital and MAS RE, its partner, intend to transform the former plant in a mixed project that includes more than 100,000 square meters of office space and a hotel, as well as 2,500 apartments. The development budget for this project is around EUR 200 million.
Until now, the values of the transactions from the second semester of the year are almost equal with those in the first semester, a little above 300 million, but, as Tim Wilkinson, partner, Capital Markets at Cushman & Wakefield Echinox said repeatedly, there are more transaction in various stages and if those are finalised until the end of the year, the value of the transactions have the chance to at least close to EUR 1 billion.
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