Indotek Group buys office building in Bucharest

Hungarian investor Indotek Group has purchased the One Victoriei Center office building in central Bucharest as part of its expansion strategy for an undisclosed sum.

With the latest transaction, the group’s local portfolio includes three property assets of which two are office projects in Bucharest and one is a shopping mall in Târgu Mureș.

The project has a gross leasable area of 12,000 sqm and its mix of tenants includes 14 companies. Following the sale to Indotek Group, the building will be rebranded as Bucharest Business Center.

“The acquisition is fitting well into the value-added strategy of Indotek Group and it will establish and strengthen further our presence in Romania: by this transaction, the property investment we manage in the country comes already to 80,000 sqm and we are closing in the €100 million investment volume mark,” said Florin Tirla, Indotek Group’s regional manager responsible for Romania and Bulgaria.

Law firm Stratulat Albulescu supported Indotek Group in the transaction. Mazars was a financial advisor, while CBRE and Vitalis were technical consultants.

The building was owned by property entrepreneurs Ionuț Dumitrescu and Omer Susli and was put up for sale in 2020 for a reported €26 million.