Real estate developer Speedwell together with Belgium based Baltisse and AYA Properties Fund have concluded the transaction for the sale of RECORD PARK Offices. The components, subject to this transaction structured as a share deal, are valued at €35 million and combine 15,000 sqm of A-class office and retail spaces (including a historical refurbished building) and 2,000 sqm stand-alone sports centre with pool.
Speedwell’s project is also the first mixed-use and urban regeneration development in Cluj-Napoca. The ensemble also integrates 236 apartments, alongside the above-mentioned buildings.
RECORD PARK Offices have been finalized and delivered at the end of 2020. The A-class office spaces have been leased to a reputable tenant portfolio, such as MHP Porsche, MassMutual, Yardi, PropertyShark, Stables, COS, Stradale, The Home, Artmark Dental, Mitzu Café and the Royal Charis Academy Kindergarten.
The building received the BREEAM certification with an Excellent rating. This certification reconfirms Speedwell’s high-quality standards and commitment to deliver unique and sustainable projects. Moreover, the offices have received recognition in the Transylvanian Architecture Biennale 2021 as the building has been awarded the 1st prize in the Office & Industrial category.
AYA Properties Fund has chosen to invest in RECORD PARK Offices due to its compliance with the sustainability standards and the Transit-Oriented Development concept (central public places with a mix of functionalities focused on accessibility and integration within the existing urban grid).
“We are proud to conclude the sale of RECORD PARK Offices as it reconfirms the value of both the entire project and the office concept we have developed. Through RECORD PARK, our objective was to recreate a neighbourhood and give back to the community space on a human scale. As a result, we have added to Cluj’s real estate market an urban hub that includes all the facilities one needs, with a focus on well-being. We believe in developing projects for people, where they can live and work in balance,” said Jan Demeyere, Architect and CO-Founder of Speedwell.
“We believe that revitalizing centrally located plots into lively mixed projects contributes to the quality of life within cities. We have mostly appreciated the work and the effort delivered by Speedwell to make from RECORD PARK an award-winning project,” commented Alex De Witte, Director Real Estate at Baltisse.
“We are very pleased and proud to have acquired the Class A office part of RECORD PARK, a mixed-use development in Cluj, Romania. Given its AAA location, quality tenants and BREEAM certificate, the project becomes a prime asset in our portfolio,” said Simon Synaeghel, Investment Manager at AYA Properties Fund.
The transaction was subject to a complex due diligence process supported on the buyer’s side by the KPMG for the Financial & Tax Due Diligence, JLL for the Technical Due Diligence and Țuca Zbarcea & Associates for the Legal Due Diligence. While the negotiations and signing were closely assisted on its behalf by Țuca Zbarcea & Associates, as Romanian legal advisors, and ACE Law as Belgian legal advisors, acting under the lead coordination of Simona Alecu – Business Lawyer.
Noteworthy support has also been received from BRD Groupe Société Générale, the financing bank for RECORD PARK Offices.
