JLL has successfully represented PPF Real Estate in the acquisition of Metropolis Center, an office complex in the city centre of Bucharest, from Soravia. This is the first PPF Real Estate’s acquisition on the Romanian real estate market.
JLL continues to attract new players on the Romanian market after in the last year represented companies like GLL, Logicor and P3 in acquiring real estate projects in Romania.
”Romania is entering on the radar of other investors outside the few active in recent years. Attracting new names on the Romanian market is one of our main concerns and we are glad that we managed to convince so far investors like PPF or Logicor that Romania offers attractive opportunities for investing their money,” commented Silviana Badea, National Director, head of Capital Markets Department JLL Romania.
The property investment volume in the first nine months of 2016 is estimated at over €400 million for Romania, and for entire year we forecast €600 – 700 million.
“Signals investors are good and we saw that including at the Expo Real (one of the largest Real Estate exhibitions in Europe). For Romania was the best exhibitions I have participated in recent years in terms of investor’s discussions and reactions regarding our country considering compressed yields in the rest of Central and Eastern Europe. The problem remains to find products for these investors,” added Silviana Badea.
Metropolis Center was sold by Austrian firm Soravia and have an area of 19,000 sqm, located close to Calea Dorobanți, on Iancu de Hunedoara Boulevard, in the city centre of Bucharest. Among the tenants are EBRD, DLA Piper, Parexel, ING and Reckitt Benckiser. The building was developed on the site of the first printing office in Bucharest – Cartea Romaneasca.
The largest real estate transaction concluded this year in Romania was the acquisition of Sibiu Shopping City by NEPI from ARGO Real Estate, totalling €100 million.