China’s Fosun buys office building in Bucharest
Fosun, one of the largest investment companies in China, bought the Floreasca Park office project ain northern Bucharest from the German fund GLL.
The Chinese company carried out the acquisition through the Resolution Property Investment Management division, acting as a value-added real estate investment manager.
Resolution owns 77 properties in 10 countries through 5 funds.
The Floreasca Park office project, completed at the end of 2013 by Portland Trust in one of the hottest office areas in Bucharest, has a leasable area of 37,500 sqm and involved investments worth EUR 70 million.
Among the building's main tenants are Oracle, Allianz, Kellogg's, and BASF.
Ziarul Financiar daily estimates that the selling price was around EUR 100-110 mln, based on an investment yield of 7%.
GLL bought the project from Portland Trust in 2015 for EUR 104 mln, at a yield of 7.5%.