Morgan Stanley Real Estate Investing (MSREI), the global real estate division of US investment bank Morgan Stanley, is close to signing the acquisition of the America House office building in Bucharest’s Victoriei Square, local Ziarul Financiar reported.

The transaction’s value is estimated at some EUR 90 million.

This transaction, which would mark the entry of a new big player on the local real estate market, would show Romania’s potential and open the way for other big deals in this sector.

America House is currently owned by French investment fund AEW Europe, which bought the property in 2007, during the boom period of the local real estate market, for a record EUR 120 million. The transaction was closed at a yield of 5.6% at that time. The yields on the local office market are now between 7.5% and 10%.

America House has a leasable surface of 27,000 sqm and is over 90% occupied, with tenants such as Deloitte, Ericsson, BCR, Actavis and Cisco. Cushman&Wakefield Echinox manages the building’s sale.

editor@romania-insider.com