April 25, 2019

Dedeman pays over €120 million for The Office building in Cluj-Napoca

Dedeman pays over €120 million for The Office building in Cluj-Napoca

Romanian do-it-yourself retailer Dedeman, owned by local investors Dragoş and Adrian Paval, has entered an agreement to buy the office complex The Office in Cluj-Napoca jointly owned by investment fund NEPI Rockcastle and local entrepreneur Ovidiu Sandor.

The value of this deal is estimated by Profit.ro at over €120 million. The transaction will be completed in early May, pending approvals among others from the bank that financed the project.

The Office complex, developed by NEPI Rockcastle and Ovidiu Sandor, as equal partners in the summer of 2017, has a leasable area of 63,600 sqm and boasts an occupation rate of 99 percent. The complex generates €5.1 million per year in rents, from tenants such as Bosch, Bombardier, Deloitte, Ernst & Young, HP, and MOL.

Following the transaction, Dedeman will own 95 percent of the business center, and another firm owned directly or indirectly by Dragoş Pavăl, Adrian Pavăl or any of them individually, will hold the remaining 5 percent.

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