NEPI Rockastle, the largest owner of shopping centers in Romania, is preparing to sell its office portfolio, valued at about 300 million euros, according to Business-Review.eu.
The South African investor owns five office buildings: the 47,000 sqm City Business Center in Timisoara, valued at EUR 97.1 million and annual rents of EUR 7.9 million; Floreasca Business Park with a surface of 36,300 sqm and valued at EUR 108.3 million, with annual rents of EUR 7.9 million; The Lakeview, with an area of 25,600 sqm, estimated at EUR 74.5 million and EUR 5.4 million annual income from rent; Victoriei Office of 7,800 sqm, valued at EUR 40.7 million and a rent income of EUR 2.7 million (all three in Bucharest); The Office in Cluj-Napoca, with an area of 63,600 sqm, rated at EUR 61.1 million and with EUR 5.1 million from rents.
According to Chris Bell, the managing director of consultancy company Knight Frank, it seems easier to sell a EUR 300 million portfolio on the Romanian market, because the buyer has to have a team on the ground – it is at the same time a solid presence on the market, and a test.
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