Revetas Capital, a real estate investment advisor focused on the CEE market, has bought the Landmark office project in Bucharest from Greek group Piraeus.
The project has 23,500 sqm of leasable offices being located in Bucharest’s central business district. The transaction was closed at the end of October. Law firm Wolf Theiss assisted Revetas in the deal.
The value of the transaction was not disclosed, but it could be in the EUR 60-70 million interval, according to Ziarul Financiar estimates based on a yield of 7.5% per year and a rent of EUR 17-19 per sqm per month.