Skanska still hopes to complete planned sale of big office project in Bucharest this year

Swedish developer Skanska has confirmed that it continues the talks for the sale of two office buildings within the Campus 6 complex in the western part of Bucharest, near the Polytechnic University.

The buyer is reportedly Austrian group S Immo, the owner of the Sun Plaza shopping mall, according to Profit.ro.

Since other big deals have been suspended amid the coronavirus (COVID-19) pandemic, this deal, valued at almost EUR 100 million, might turn into the largest real estate transaction of the year.

Skanska reportedly picked S Immo as a potential buyer of its Campus 6.2 and Campus 6.3 office buildings even before the state of emergency in Romania, according to sources in the real estate market. During the last weeks, the negotiations have been carried out online.

Contacted by Profit.ro, Friedrich Wachernig, a member of the board of directors of S Immo, stated that he could not comment on the deal.

Without disclosing the name of the buyer, Aurelia Luca, Executive Vice President of Operations Romania, Skanska CDE, stated that "the discussions we carry out remain active, and with the restrictions determined by the pandemic, the relationship with the potential investor is maintained online.”

“We have implemented the work from home and we currently use online tools in our activities,” she added. Physical assets, such as office buildings, are generally considered stable because they are not exposed to sharp price fluctuations, according to the Skanska Romania official.

“In a context where global uncertainty continues, these assets can strengthen their position as a good alternative to investments in the capital market,” she added.

Skanska sold the first building of the Campus 6 project (Campus 6.1) in May 2018 to Austrian group CA Immo for EUR 53 mln.

(Photo courtesy of the company)