Lion's Head Investments, an investment vehicle owned by South-African and Bulgarian investments, is negotiating the acquisition of another office project in Bucharest: the three-building Expo Business Park complex developed by Portland Trust, local Economica.net reported. The project includes 42,000 sqm of office space and is still under development.
Last year, Lion's Head Investments bought the Oregon Park office project in Bucharest, also developed by Portland Trust, in a deal estimated at some EUR 120 million.
Expo Business Park is the first office complex to be delivered in the Expozitiei area, one of Bucharest's emerging office hubs. The value of the deal could exceed EUR 120 million, pending a high rental rate of the building. Currently, about 75% of its area is already leased to tenants such as ING Bank (an entire building, or 20,000 sqm), restaurant operator Stradale, fitness chain World Class, 1 Minute and co-working space operator Spaces.
The project will include three buildings: the one rented by ING Bank, which was completed this spring, and the other two (with a total area of 22,000 sqm), which are scheduled for delivery in June 2019.
Besides Oregon Park, Lion's Head Investments also owns two office buildings in Sofia - Polygraphya Office Center and Megapark. In total, the company has a portfolio of five buildings with a leasable area of 235,000 sqm, with a value of EUR 310 million.
Lion's Head Investments is a company owned by South African life insurance firm Old Mutual and Bulgarian developer AG Capital.
(Photo source: Portlandtrust.cz)
Real estate developer Portland Trust and investment fund Ares Management sold the Class A office complex Oregon Park in...