British fund buys office building in Cluj-Napoca

British investment fund First Property Group has bought the Maestro Business Center office building in Cluj-Napoca, one of Romania’s most important regional cities. The building was developed by Romanian investors Horia Ciorcila, Chairman of the Board of local lender Banca Transilvania, and Dorel Goia, the majority shareholder of local industrial group Teraplast. The building, located in downtown Cluj-Napoca, has a leasable area of 6,845 sqm and is fully let to tenants such as Steelcase, IBM, PwC, Hewlett Packard and Global Convergence. The value of the deal was not disclosed. Cluj-Napoca is an emerging office hub, many important business centers choosing to establish their locations here. With a stock of nearly 210,000 sqm of modern offices and deliveries of nearly 47,000 sqm announced for 2018, the city remains the main attraction outside of Bucharest. “The potential of the region is strong in many ways, and the entry of a UK fund through the acquisition of Maestro Business Center marks a change in the pattern of present investors, supporting the strong evolution of the market. This phenomenon will grow on one hand because the fundamentals of the market are solid, but also as a result of the office stock becoming competitive in comparison to similar assets in Bucharest,” said Anca Svoronos, Senior Associate Investment & Debt Advisory at Colliers, the firm that brokered the deal. editor@romania-insider.com