US investor reportedly in talks for office project in Cluj-Napoca

Fribourg Development, the real estate division of the investment fund Fribourg Capital controlled by former Moldovan prime minister Ion Sturza, is reportedly in talks for the sale of the Liberty Technology Park offices in Cluj-Napoca to US investment fund White Star Real Estate, Ziarul Financiardaily reported quoting unofficial sources.

Ion Sturza stressed that “it is just a rumor.” However, he confirmed last year that he was looking for a partner for the Cluj office project to continue investing, a partner to buy either half or the whole project.

The investment in the first phase of Liberty project was over EUR 7 million and consisted of converting the first two buildings of the old Libertatea furniture factory into office spaces. The total planned surface of the project, which started in 2009, is around 46,000 sqm and the investment is estimated at EUR 25 million.

By the deal, White Star Real Estate would enter the Romanian market as an investor. It operates on the Romanian market as a property manager for assets such as the Logicor warehouses, Lakeview office building, Charles de Gaulle Plaza and Victoria Center. Moreover, the US company would enter Romania by targeting a regional city rather than the capital city, which is targeted by most new players.

(Photo source: Facebook / Liberty Technology Park Cluj)