Speedwell seeks EUR 60 mln for office building in northern Bucharest

Real estate developer Speedwell, founded by Belgian entrepreneurs Jan Demeyere and Didier Balcaen, has put up for sale the Miro office building in the northern district of Bucharest Băneasa. It seeks to sell the project at over EUR 60 mln, after investing some EUR 35 mln in it, according to sources contacted by Profit.ro.

AYA Properties, in which Speedwell shareholders is also an investor, is a potential buyer.

"Speedwell's exit strategy calls for projects to be automatically put up for sale when they are completed. Miro was completed in November 2021," said Didier Balcaen, one of the owners of Speedwell.

Speedwell estimated the minimum price for the building based on a monthly rent, specific to the area, of about EUR 13 per square meter and a yield of 7%. The developer's investment in the project was estimated at EUR 35 mln, according to Profit.ro.

The Miro office building, built across the street from the Băneasa Shopping City mall, has a leasable area of ​​23,000 square meters, divided into 5 levels, and a vacancy rate of 12%.

The tenants of the building are KPMG (8,500 square meters), Rovere (4,500 square meters), COS (4,000 square meters), Cegeka (1,600 square meters), Eaton, Neo Clinique, Stradale, Mitzu and Speedwell. Balcaen said it is in talks to occupy the remaining available space and that a new international brand will be announced soon.

(Photo source: Speedwell.be)