Zeus Capital Management eyes EUR 100 mln office building in Bucharest

Greek investment fund Zeus Capital Management, which owns several office and residential projects in Bucharest, is negotiating with German group GLL Real Estate Partners the possible acquisition of Floreasca Park office project on the Pipera road, near the intersection with Barbu Văcărescu, Ziarul Financiardaily announced quoting unofficial sources.

The property is valued at over EUR 100 million. The negotiations are conducted around an investment yield ranging between 7% and 7.25%. Thus, the sales price would be between EUR 106 million and EUR 110 million, the daily estimates.

Zeus Capital Management, founded in 2007 by Stelios Zavvos, a former Citibank manager, has been participating at auctions in Bucharest for the acquisition of office buildings worth between EUR 30 million and EUR 120 million, said Lila Pateraki, investment director of Zeus Capital Management last week.

In Romania, the fund paid about EUR 12 million to local entrepreneur Ionuţ Dumitrescu in 2012 for HQ Victoriei office building in Bucharest. It also owns apartment suites in the Emerald Residence and Signature Herastrau residential projects.

(Photo source: Floreascapark.ro)