Speedwell starts sales process of their Record Park Offices in Cluj-Napoca

Speedwell has mandated Knight Frank to sell the office buildings and sports center of Record Park, a mixed-use project (office, sports center & residential) situated in central Cluj-Napoca (next to Dedeman’s The Office). The sales mandate includes three separate buildings: two office buildings – a new A-class office building next to a renovated historical building of the former imperial stables – and a new stand-alone sports center with a pool, according to Business-Review.eu.

The total rentable area will reach 14,263 square meters, 207 underground parking spaces and 291 square meters of underground storage.

“The property has an unexpired lease term of more than 5 years, without break options, and an estimated annual NOI (net operating income) in excess of ~€2,7M when fully leased. Transaction is likely to be structured as a share deal with all three buildings owned by the same company”, says Valentin Lupu, Associate Director Capital Markets Division, Knight Frank Romania.

Besides the sports center which is already completed and functional since June 2019, the other two buildings are expected to be delivered in the second half of 2020. The residential units will be delivered simultaneously with the office buildings but will not be subject to this transaction.

Read more HERE

Comments

comments