AFI Europe N.V. and NEPI Rockcastle announced the conclusion of the transaction for the acquisition of NEPI Rockcastle’s office portfolio in Romania, with a total GLA of 118,500 sqm. The transaction value is in excess of €300 million.
The acquired portfolio consists of 4 Class A office projects totalizing 8 office buildings situated in Bucharest and Timisoara:
Floreasca Business Park, located at 169 Calea Floreasca, Bucharest, with 36,470 sqm GLA
The Lakeview, located at 301-311 Barbu Vacarescu St, with 25,907 sqm GLA
Aviatorilor 8, located at 8A Aviatorilor Blvd., Bucharest, with 8,203 sqm GLA
Timisoara City Business Center, located at 10 Coriolan Brediceanu St, Timisoara, with 47,936 sqm GLA
“The acquisition of NEPI’s office portfolio in Romania represents a strategic addition to our business model. We have been developing organically major projects in Romania over the past 10 years and now we are extending our portfolio also through acquisitions of income-generating properties which will strengthen our position on the Romanian market”, stated Doron Klein, CEO of AFI Europe in Romania and Czech Republic.
This acquisition was supported by the following advisors: CMS – legal, Ernst & Young – tax financial and JLL – commercial.
After this transaction and the completion of ongoing office projects (AFI Park Brasov and AFI Tech Park 2-3), AFI Europe Romania will have under management a total portfolio of 282,000 sqm GLA office spaces, becoming one of the biggest office owners in Romania.