Morgan Stanley in talks for EUR 150 mln office deal in Bucharest

Morgan Stanley Real Estate Romania, the local division of the American group, reportedly considers the acquisition of the Hermes Business Campus office project in Pipera, Ziarul Financiar informed quoting unofficial sources. The project has an estimated value of over EUR 150 million. Hermes Business Campus is currently owned by the company that developed it, Belgian group Atenor. Separately, Morgan Stanley is still in talks to buy the America House office building in Victoriei Square, according to the same sources. The Hermes Business Campus project has been on sale since the beginning of 2017, and this would be the biggest transaction initialed in Bucharest's Dimitrie Pompeiu area. Sven Lemmes, country director of Atenor for Romania, has not confirmed the talks with Morgan Stanley. The largest office transactions last year were completed at yields of 7.25-7.5%, but the returns on investments are shifting to 7% this year, implying higher prices, Ziarul Financiar commented. Biggest real estate deals of 2018 in Romania: office segment takes the spotlight editor@romania-insider.com (photo source: Atenor.be)