Cathedral Plaza offices in Bucharest, close to EUR 70 million sale

Office building Cathedral Plaza in Bucharest, located near the St. Iosif cathedral and subject of a litigation could be sold for EUR 70 million, according to its developers, Willbrook International, quoted by Romanian media. “We have received an attractive offer from a British fund. We have signed a contract which will be finalized only if we comply with certain performance criteria. These refer to a certain time frame we have to rent the building and to a certain profitability rate, given the level of rent,” according to Daiana Voicu (in picture), head of Willbrook International, quoted by Mediafax. The deal needs to be finalized by the end of this year, Voicu added, without revealing the name of the buyer. Willbrook is acting as developer for Millenium Building Development, owners of the building. The company is controlled by US investment fund Miller Global. The investment in the building was of EUR 45 million. The litigation with the Roman – Catholic church in Romania, which opposed the project adjoining the cathedral has caused losses of EUR 25 million to the developers, but Willbrook hopes to recover the money in court. The company is currently under negotiation for lease contracts, but the litigation has made it more difficult to secure tenants for the building, according to Voicu. editor@romania-insider.com