NEPI Rockastle hires CBRE to manage its office buildings in Bucharest

Real estate consultancy firm CBRE will manage the three office buildings investment fund NEPI Rockcastle owns in Bucharest: Floreasca Business Park, The Lakeview and Aviatorilor 8 (formerly Victoriei Office). The total leased surface of these projects is 70,580 sqm.

Following this contract, CBRE's local property management portfolio reaches 770,000 sqm, of which 410,000 sqm are offices, and 360,000 sqm are retail spaces.

This is the first time when NEPI Rockcastle, the largest real estate developer and owner in Romania, outsourced its property management services. However, NEPI also decided to sell its office portfolio in Romania and outsourcing the property management services is less surprising in this context.

NEPI has already received offers for the five office projects it owns in Bucharest, Cluj-Napoca, and Timisoara, which it decided to sell to focus on the retail market. The fund's local office portfolio is estimated at EUR 380 million. The potential bidders for NEPI's office portfolio include the owners of Dedeman DIY chain (Adrian and Dragos Paval), investment fund Globalworth, and Romanian billionaire Ion Ţiriac.