Revetas Capital announced the disposal of the premium office park The Landmark to Vectr Holdings, through its subsidiary Vectr Realty. Vectr Realty acquired the asset from funds managed by Revetas Capital in partnership with affiliates of Cerberus Capital Management through a share deal. Terms of the transaction were not disclosed.
The Landmark, developed in 2017 offers 23,700 sqm of state-of-the-art offices in the capital’s Central Business District (CBD), strategically placed between Piata Victoriei and Piata Romana and benefits from excellent public transportation links. The office park holds BREEAM Very Good New Construction certification and major companies such as UiPath, Total Energies, Wolf Theiss, Premier Energy, and Systematic, are among its main tenants.
Commenting on today’s announcement, Eric Assimakopoulos, Founding Partner at Revetas, said, “This transaction serves as another validation of Revetas’ value creation strategy to constantly improve the experience that corporate office users have within the modern office. Key ESG improvements, common area upgrades and bringing in amenities to serve the complex, its tenants and the local community have secured The Landmark as the prime office address in Bucharest. Revetas’ rigorous commitment to quality and the experience within the community is a major factor in driving demand for high-quality offices in a market where offices across Europe struggle to find liquidity. I want to thank the highly committed team at Revetas and our Partners at Cerberus for their hard work and trust”.
Oana Partenie, Director-Portfolio Management at Revetas, responsible for successfully carrying out the transaction on behalf of the seller, added: “Revetas has effectively fulfilled its investment mandate through a wide range of asset management initiatives which translated into achieving full occupancy of the scheme, securing long-term leases with reputable domestic and international companies in a competitive office market shaped by post-Covid transformations. This transaction highlights the robust demand and accessibility of capital for fully occupied office parks with solid foundations in the CEE region.”
Revetas embarked on a multi-million euro improvement program designed to create one of the most modern and technically advanced office complexes in Europe that caters to the modern office experience that large corporates and their employees can enjoy. These improvements included significant ESG upgrades and improving energy efficiency which is in line with Revetas’ strategy to be carbon neutral by 2040. The investments also provided multiple new amenities and experiences for the tenants and the community.
Vectr Holdings, a privately-owned group of companies, is engaged in various sectors including agricultural operations, agricultural machinery distribution, fitness, and real estate in Romania through its verticals Vectr Farms, Agroconcept, World Class and Vectr Realty. This acquisition is part of Vectr Holdings’ continued growth plans in Romania.
“Vectr Holdings aims to acquire well-managed assets and businesses and to continue to grow them. The Landmark is an iconic office scheme in Bucharest, and we are pleased to add this great asset to our real estate portfolio. It aligns with our standards for efficiency, sustainability, innovation, and productivity,” said Chintan Surana, Group CEO of Vectr Holdings. “We continuously work to stimulate economic growth and contribute to the communities in which we operate. This transaction follows our recent ones in the agricultural market with the acquisitions of Padova Agriculture and Contara of 4,000 ha of fully irrigated land, and demonstrates our strong commitment to the Romanian market.”
Vectr Realty was advised by the legal team of RTPR and the advisory team of KPMG, while the seller was assisted by the law firm Wolf Theiss. Colliers acted as sales side advisor.
