Telekom sells downtown Bucharest building, land with EUR 8 mln

Romanian telecom operator Telekom has put up for sale the Tandem office building, located near the Bucharest Telephone Palace on Calea Victoriei, at a starting price of EUR 8 million. The telecom operator organized a meeting on Friday with 30 real estate investors to present its offer for the Tandem building. Telekom Romania Communications has sold 23 properties this year, whose total value amounts to over EUR 10 million. The company’s portfolio exceeds 1,000 properties in Romania. The Tandem property includes a seven-floor office building. Including the nearby land, the property has a total area of 13,250 sqm. Telekom has recently sold a 1,783 sqm plot located in the same area in Bucharest at a starting price of over EUR 3.3 million. The Telephone Palace is an imposing art-deco building constructed in the ‘30s in downtown Bucharest, the city’s first tall building. In September 2014, Telekom Romania Communications announced that it had put up for sale the Telephone Palace and other two adjoining office buildings at a starting price of EUR 21.6 million without VAT. In March 2015, Nikolai Beckers, the former CEO of Telekom Romania, said that the sale of the Telephone Palace was not a priority for the group. editor@romania-insider.com (photo source: Realestate.telekom.ro)