Paval Holding close to buying EUR 90 mln office building in Bucharest
Paval Holding, owned by the founders of DIY chain Dedeman, is close to buying the first phase of the U Center offices in the Tineretului area (southern part of Bucharest) from Forte Partners, according to Ziarul Financiar daily, quoting sources familiar with the negotiations.
According to the source, the transaction could amount to around EUR 90 mln, with an investment yield of 6.75%.
Forte Partners representatives could not be reached for comment.
The U Center project is developed on the land of the former Adesgo factory in Tineretului. Currently, the first phase comprising 32,000 sqm, has been completed and fully leased, and the second phase is under construction.
The second phase of the U Center will be completed in September 2023, after which, as it leases, the developer will begin the third phase.
(Photo source: the company)