Insurance company Allianz-Țiriac Asigurări sells two former headquarters in Bucharest

Allianz-Țiriac Asigurări, one of the leading insurance companies on the local market, has completed the sale of its two former headquarters located in the Victoriei Square area of Bucharest. The deals were brokered by Cushman & Wakefield Echinox.

The property on Căderea Bastiliei Street, of approximately 6,000 sqm GLA, was acquired by Praktiker Real Estate, a company owned by businessman Omer Susli.

The second building, located on Grigore Alexandrescu Street with a leasable area of 4,000 sqm, was taken over by Primavera Development.

Mihaela Pană, Partner for Private Investments at Cushman & Wakefield Echinox, said: “These transactions confirm the dynamism of the Romanian investment market when it comes to centrally located assets, which continue to generate strong interest from tenants. We are seeing consistent appetite from local investors in properties that, through renovation investments, can be repositioned on the market and whose value can increase over time.”

The sale of the buildings adds to evidence that Bucharest’s office market has entered a new growth cycle. Both acquisitions were made by domestic buyers, which Cushman & Wakefield Echinox said demonstrates local investors’ confidence in the Romanian real estate sector.

(Photo source: press release)