NEPI Rockastle to sell entire office portfolio in Romania

Johannesburg-listed investment fund NEPI Rockastle, the largest real estate investor in Romania by portfolio assets, 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, local Profit.ro reported. 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.

The most advanced transaction involves The Office project in Cluj-Napoca, valued at over EUR 120 million, eyed by the Paval brothers and Ion Ţiriac. NEPI Rockcastle developed the project under a 50:50 partnership with local entrepreneur Ovidiu Sandor. This is the most expensive asset in the package for sale, the next one being the Floreasca Business Park complex in northern Bucharest, valued at EUR 108 million.

The other projects on sale are City Business Center in Timisoara, The Lakeview and Victoriei Office in Bucharest.

(Photo source: Facebook / The Office Cluj-Napoca)