GLL buys two more properties for the Pan European Property Fund FCP-FIS
GLL Real Estate Partners GmbH has announced two further recent acquisitions on behalf of its GLL Pan European Fund, a Luxembourg FCP-FIS. In addition to office assets owned in Frankfurt am Main and Krakow, the fund has acquired two more Class-A office buildings in Romania and the UK.
The first is the purchase of the Victoria Office Center in Bucharest for a price believed to be around €27 million. The building is an 8,300 sqm Class A office building in the CBD of Bucharest and is 100 percent long-term leased to an impressive roster of international tenants including Citibank, JLL, AON, AIG, and Starbucks. The fund has also completed the €50 million acquisition of One Brindleyplace, Birmingham - a 6,430 sqm Class A office building in central Birmingham with a long unexpired lease term to Deutsche Bank.
The GLL Pan European Property Fund FCP is a real estate fund which will invest in assets across Europe with a target investment volume of up to €1 billion. The fund has now invested over €184 million into four core office buildings in the first 12 months since inception, and expects to add another prime office acquisition to its’ existing portfolio before the end of the year to take the fund volume to over €225 million.
GLL was advised by Dentons and CBRE in Romania, and by Norton Rose Fulbright and Colliers in the UK for the acquisitions.