Cerberus and Revetas may sell Landmark offices and the Radisson hotel in downtown Bucharest

Investment funds Revetas Capital and Cerberus could consider the option of selling The Landmark offices near Romană Square but also the Radisson hotel on Calea Victoriei, both located in downtown Bucharest, according to sources familiar with the developments consulted by Ziarul Financiar. The assets are estimated to be between EUR 250 million and EUR 300 million.

Revetas and Cerberus bought The Landmark offices from Piraeus with a yield of 7.25-7.5% for around EUR 60 million - EUR 65 million in 2018.

Completed in 2016, Landmark is a Class A office complex in Bucharest’s central business district offering over 23,500 sqm of leasable space. In 2020, the two owners put the offices up for sale for EUR 70 million - EUR 75 million, seeking a 6.75% yield.

Cerberus and Revetas paid EUR 169 million to take over the Radisson Blu complex in 2017, and later, in 2019, they brought in EUR 42 million to remodel it.

The complex includes the Radisson Blu Hotel, a five-star hotel with 487 rooms, and the newly renovated four-star Park Inn Hotel, with a capacity of 276 rooms, and 7,200 sqm of retail spaces.

(Photo source: Thelandmark.ro)