The PPF Real Estate Holding fund, controlled by the Czech billionaire Petr Kellner, has started the due diligence process to acquire the America House office project in Victoriei Square in downtown Bucharest, according to information in the market cited by Ziarul Financiar. The deal is estimated at EUR 90 million.

This wouldn’t be the first large transaction in Bucharest for the fund owned by the Czech billionaire. Petr Kellner acquired the Metropolis offices, which are also located close to the Victoriei Square, more than a year and a half ago. The transaction amounted to EUR 50 million.

French investment fund AEW Europe currently owns the American House project. It bought it for EUR 120 million from developer GTC in 2007 during the boom of the real estate market. This has been the largest deal on the office market in Bucharest.

Global Trade Center (GTC) has been the most active buyer in the Victoriei Square area so far. It bought the Premium Point and Premium Plaza office buildings with EUR 30-40 million in April last year and the Cascade Office in July this year with EUR 9 million.

America House currently has a 93% occupancy rate, according to the JLL real estate consultancy.

editor@romania-insider.com