Romanian investor pays EUR 45 mln for office project in Bucharest

Romanian businessman Alin Niculae, the owner of Oscar Downstream, the largest petroleum distribution company with Romanian capital, is purchasing the Iride Business Park office complex in Bucharest's Pipera district for EUR 45 million, Ziarul Financiar has reported.

This acquisition is part of Niculae's expanding real estate portfolio, which also includes Akcent Development and a stake in Exigent Development. He is currently developing the Akcent City project in Bucureştii Noi and has recently begun the second phase of the Cloud 9 project on Şoseaua Pipera.

The Iride Business Park, which Niculae is acquiring through a newly established company, Iride Development, has a rentable area of over 83,000 sqm across multiple office buildings. Notable tenants include the medical service provider Provita, German communications company Rohde Schwarz Topex, and local media group Antena.

The property includes 17 buildings on 22 lots of land and is located in an area that has attracted significant interest from developers in recent years due to its proximity to the Pipera metro station.

The seller, Immofinanz, controlled by the Czech CPI Property Group, is one of Europe's largest real estate owners with a portfolio worth EUR 15 billion.

This sale is part of Immofinanz's ongoing transactions in Romania, which also recently included the sale of the former Bancorex building on Calea Victoriei to AFI Europe, an Israeli company.

In the first half of 2024, the Bucharest office market remained dynamic, accounting for 84% of the total leased space in Romania.

(Photo source: Immofinanz.com)