Bluehouse Capital sells its third boutique office building in Bucharest

Georgian-Jewish businessman Shalom Shai (Shimshilashvili), founder of the Dona group, active in real estate development and construction areas in Israel and Georgia, bought Astoria Business Center boutique office building in the center of Bucharest from the Greek-owned company Bluehouse Capital for EUR 9 million, Profit.ro reported.

The buyer, Dona group, owns two other boutique office buildings in Bucharest: Izvor 80 Office Building (6,600 sqm) and Rosetti Business Center (2,600 sqm).

"Astoria Business Center has a leasable area of 4,200 sqm office space plus 420 square meters of terraces. The building also has 48 parking spaces arranged on the two levels in the basement," according to Adrian Calinescu of ESOP Consulting CORFAC International, who advised on the transaction.

Astoria Business Center is the third of the three office buildings in Bucharest that Bluehouse Capital wanted to sell in 2013 to an investment vehicle it set up (Meridian Properties).

Meridian Properties, registered in the Netherlands, canceled the listing process on the Warsaw Stock Exchange, by which it planned to raise EUR 170 mln for real estate acquisitions in the region, including three office buildings in Romania - Astoria Business Center, Olympia Tower, and Victoria Center.

Bluehouse eventually sold Olympia Tower (9,955 sqm) for EUR 20 mln this January, after selling Victoria Office (8,256 sqm) to GLL Real Estate partners for some EUR 27 mln in 2015.

Bluehouse Capital still holds a stake in the City Gate landmark office building in northern Bucharest, alongside GTC.

(Photo: Pixabay)