German fund puts up for sale EUR 110 mln office building in Bucharest

German asset management company GLL Real Estate Partners has put up for sale the Floreasca Park office project located on Pipera road near the intersection with Barbu Vacarescu boulevard, according to data from the real estate market, quoted by Ziarul Financiar.

Portland Trust invested about EUR 70 million in Floreasca Park, which it completed in 2013 and sold to the German investor in 2015 for EUR 104 million, which was at that time the equivalent of a 7.5% yield (generated by rents). According to the same sources, Floreasca Park offices are now on sale at an investment yield of 7%, the lowest in recent years, which would put its price at about EUR 110 million according to Ziarul Financiar calculations.

GLL has collected rents worth EUR 30 million in the four years since the acquisition. Floreasca Park office project has a leasable area of 37,500 sqm and among its main tenants are Oracle, Allianz, Kellogg's, BASF or Kalon.

(Photo source: Floreascapark.ro)