Lion’s Head Investments makes its first steps into the Romanian real-estate market and announces the acquisition of Portland Trust’s and Ares Management’s Oregon Park project, which consists of three class A Office buildings set in the Northern part of Bucharest.
The transaction comprises the purchase of the first two buildings (A and B) and the forward purchase of third building (Building C) that is currently under construction. At this time, the first two buildings of Oregon Park are fully leased to major international tenants like Oracle, Deloitte, Euler Hermes and Kepler Alten.
Robert Neale, Managing Director of Portland Trust, commented: “We are delighted that a buyer such as Lion’s Head Investments has selected Oregon Park as their first investment in Bucharest. The project is a true business park and has been well leased to an excellent mix of tenants.”
Christo Iliev, CEO of Lion’s Head Investments, said: ”We are impressed with the quality of the building and the standards of the developer, Portland Trust. Oregon Park is a great addition to our office portfolio which now exceeds 150,000 sqm of premium office space with a total value of €310 million. This is only the first step in our ambitious investment plan in Romania.”
The formal completion of the transaction is expected to take place in June 2018.
When finished, Oregon Park will comprise three office buildings, with approximately 70,000 sqm of leasable office space, BREEAM certified to “EXCELLENT” level. By the end of 2019, Oregon Park will become one of the most modern, efficient office projects in the Barbu Văcărescu-Floreasca area and also in the Northern area of Bucharest. Oregon Park is a natural choice for corporate users.
Building B of Oregon Park has recently won the CEEQA award of “Best overall Building in SEE 2018”.
From the state of the art design (Chapman Taylor) and latest technology used for the office space, it has been designed to provide a perfect combination of high specification, efficient office space in a pleasant, attractively landscaped plot of almost 4 ha. Oregon Park attracts not only AAA tenants but also offers solutions for efficiency, focusing on low consumption and ecology.
Kinstellar acted for the buyer and Peli Filip and Knight Frank advised the vendor.
Portland Trust has completed a number of other office developments in Bucharest including Floreasca Park, Floreasca 169, Bucharest Business Park and Opera Center. Portland Trust has also two projects under construction in Bucharest – Building C of Oregon Park and EXPO Business Park in the Expozitiei sub-market, also part of the Northern area of Romania’s capital city.
Lion’s Head is a long-term investor in prime income producing commercial properties in the Central and Eastern European region and represents a joint-venture between South Africa’s Old Mutual Property and AG Capital. Lion’s Head portfolio of 150,000 sqm, €310 million office space features two landmark buildings: Polygraphia Office Center, comprising over 35,000 sqm and Megapark – 75,000 sqm – fully leased offices to global companies.
AG Capital is a Southeast European investment group of companies with real estate investment, development, advisory and asset management capabilities. AG Capital has a history of more than 25 years in the region.