December 01, 2014

Skanska sells first office building in Romania for €44 million

Skanska sells first office building in Romania for €44 million

Skanska has announced the sale of its first building in Romania - Green Court Bucharest. The €44 million transaction was signed with the real estate investment company Globalworth Real Estate Investments Ltd and the closing of the transaction is scheduled for Q2 2015.

The first building of Green Court Bucharest has a leasable area of 19,500 sqm and it was officially opened at the end of October 2014. It is now 91 percent leased with tenants such as Schneider Electric Romania, Orange Romania, LS TRAVEL RETAIL Romania (1 Minute concept) and CORPORATE MANAGEMENT EVENTS (Best Chef). The building will be delivered fully-leased upon closing.

“Romania is a very promising market for investors looking for prime office buildings which offer the best quality and yields that are 150-200 basis points higher than in either Poland or the Czech Republic. This growing investor interest is reflected both in the numerous offers we had for Green Court Bucharest and the city's property investment volume recorded so far in 2014. According to JLL, 2014's volume stands at a post-2008 high of €809 million. We are glad that our first transaction in the country was done with such a trustworthy partner as Globalworth Real Estate Investments Ltd., partnering Skanska for the first time in the CEE,” said Adrian Karczewicz, Transaction Director, Skanska Commercial Development Europe.

Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments commented: “We are pleased to announce the acquisition of the first building of Skanska's Green Court development project. This prestigious newly built A-class office property is strategically located in Bucharest's new central business district. It benefits from top environmental credentials and is let to top-brand tenants on long term leases. This transaction constitutes an important milestone towards achieving our objective of owning the highest quality portfolio in the Bucharest office market.”

Green Court Bucharest is the first project developed by Skanska in Romania. The project is comprised of three office buildings with a total leasable area of 52,000 sqm and has received the LEED Gold pre-certification.

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