The group of companies Lotus Center, controlled by a family of local investors (Mudura), has purchased the mixed-use complex Oradea Plaza from Portico Investments Romania for an undisclosed sum.
Lotus Center has thus become the leading owner of retail spaces in Oradea, a city in the western part of Romania highly successful in developing public and private investment projects.
“As the market gradually becomes more mature, local investors including Romanian entrepreneurs with strong businesses in the main regional centers in the country are gaining momentum,” said Simina Niculiță, Partner & Head of Retail Agency at Colliers International - the firm that advised on the transaction.
A mixed real estate project, Oradea Plaza is strategically located in the busy urban city center and has a total leasable area around 7,900 sqm approximately equally split between Class A office spaces and retail spaces. The property includes 2,400 sqm of land for further development.
Oradea Plaza, delivered in July 2010 by international real estate investor Portico Investments, includes the first A Class office building developed in Oradea’s city center.
The sale fits the strategy of Portico Investments, which is currently looking to enlarge its footprint in Romania by focusing on the acquisition of more single tenant convenience retail in the Capital and other major cities in the country.
Portico is a leading Central & Eastern European real estate investor and developer focused on primarily food-anchored real estate in quality locations that are integrated into sustainable communities creating a long-term stable cash flow operating on behalf of a leading U.S. institutional investor.
(Photo source: the company)
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