German real estate fund GLL Real Estate Partners is close to acquiring the Floreasca Park office project from the developer Portland Trust, in a transaction estimated at EUR 75-85 million, according to several sources in the market, cited by local Ziarul Financiar.

The Floreasca Park project, which was completed at the end of 2013 and is located in northern Bucharest, covers 37,500 sqm. Its main tenants are Oracle, Allianz, Kellogg’s, BASF, and Kalon.

Portland Trust has total assets of EUR 250 million in Bucharest. It has been one of the first investors in the Floreasca-Barbu Vacarescu area, where it developed the Floreasca Business Park, which it sold to the South-African group NEPI for over EUR 100 million. Portland Trust is currently developing the Oregon Park project near the Aurel Vlaicu metro station in Bucharest, with a EUR 90 million investment.

GLL Real Estate Partners manages over EUR 5 billion funds.

editor@romania-insider.com

(photo source: portlandtrust.cz)