Investment fund sells Bucharest office tower

Investment fund Aberdeen Asset Management has sold the Bucharest office building Phoenix Tower to the company Adamamerica. The deal value was not disclosed. Last year, the fund was involved in the largest retail transaction in the local market, by selling Auchan Titan Shopping Center to NEPI for EUR 86 million. Aberdeeen Asset Management still owns in Romania the office building Millenium Business Center, which caught fire in 2009 and hasn’t been renovated ever since. Adamamerica is a company managed by the investor Isaac Choen-Hoshen, who co-founded Adama Holdings. The firm focuses on developing real estate complexes in New York, USA. editor@romania-insider.com