Skanska sells Bucharest office project to Globalworth Real Estate Investments for EUR 38 million
Skanska has sold Building C of the Green Court Bucharest office complex. Globalworth has acquired the three-building development in its entirety. The Green Court Bucharest scheme is Skanska’s first office project in Romania.
The Green Court Bucharest – an A-class modern office complex – comprises three buildings with a total leasable area of 54,300 sqm. The transaction between Skanska and Globalworth concerning Building A was finalized in June 2015. Building B was sold in December 2015. Building C, providing 16,300 sqm GLA, commissioned for use in June 2016, now joins the investor’s asset portfolio.
“The acquisition of Green Court Bucharest's building C and the fact that, following its completion, Globalworth will become the sole owner of the campus is a very important step for the company. We are delighted that our partnership with Skanska continues to offer companies, active on the local market, the offices they need. The transaction is a great opportunity to further develop our promise to create modern, high-quality, sustainable spaces, located in the city’s largest and most sought-after office hub,” stated Dimitris Raptis, Deputy CEO and Chief Investment Officer of Globalworth.
“Three deals with one partner – the leading office investor in Romania – is a great success for us. This illustrates that international players appreciate favourable yield levels in Bucharest and the availability of high-quality office products on this local market, which together allows them to make profitable investment decisions. There is no doubt that the Green Court Bucharest complex is a prestigious asset – a flagship asset for Globalworth’s portfolio,” said Adrian Karczewicz, Head of Divestments at Skanska's commercial development division in Central and Eastern Europe.
Green Court Bucharest located in Bucharest's new central business district, is already fully leased to major tenants such as General Motors, Capgemini, ABB, Merck, Orange, Grand Thornton, and Legrand. The office complex has received LEED Gold certification and features sustainable solutions used to both minimize the building’s environmental footprint and significantly reduce its operating costs.
The local office market has regained its momentum. According to reports by CBRE, 2016 set a new record for the Bucharest office market, with over 400,000 sqm transacted, a trend which has continued into the first three months of 2017 where approx. 94,000 sqm were transacted. The most active tenants in terms of leases come from the business services sector, especially IT&C companies. There are currently over 100 BPO/SSC centres in Bucharest employing over 70,000 people.
In the transaction, Skanska was advised by CBRE, acting as the company’s exclusive agent, and by PeliFilip acting as legal adviser.