Austrian group Uniqua buys office building in Bucharest from local developer
River Development, a real estate development company owned by Romania businessman Ion Radulea, sold The Light One - the first of a series of three class A office buildings in the western part of Bucharest - to UNIQA Real Estate GmbH.
The building has a total leasable area of 21,653 sqm and is located at the intersection of Iuliu Maniu and Vasile Milea boulevards - not far from AFI Cotroceni mixed-use project that also has a massive office component.
The terms of the deal were not revealed, but Economica.net points to a EUR 51 million price circulated in 2019 while Profit.ro estimates that the price exceeded EUR 50 mln. River Development initially asked EUR 54.1 mln, the equivalent of a gross yield of under 7%, Profit.ro also reported.
"The Light One is a development landmark for office buildings in Bucharest, and we are proud of what we have achieved. Selling it will allow us to develop the other projects we have in various stages of development in Sema Parc and The Light," said Ion Radulea, founder and CEO of River Development, the developer of the Sema Parc project.
The Light ensemble will include three distinct office buildings - The Light One, The Light Two, and The Light Three - plus a residential segment - The Light Home - and related facilities.
The Light One has a portfolio of premium tenants, including medical services provider Regina Maria, with the largest pediatric center in the country, and Kinetic, which provides physical therapy and medical recovery services for children and adults, Banca Transilvania, Comdata, Vego Holding, ON Semiconductor, Manpower Group, and Sweat Concept.
(Photo source: the company)