Ion Sturza, former deputy general manager of Rompetrol group and former prime minister of the Republic of Moldova, has closed the sale of Liberty Technology Park business center in Cluj-Napoca to US real estate company White Star Real Estate, which operated in partnership with the investment fund of a US university. The estimated value of the deal was EUR 40 million, Profit.ro reported.
White Star Real Estate thus enters the Romanian market as an investor. The company has been active on the local property management market since 2006.
Liberty Technology Park is the only real estate project developed by Sturza in Romania. It was developed on the 4.5 hectare plot of the former furniture plant Libertatea. Four buildings with an area of 17,000 sqm were renovated and modernised. Out of the total area, only 9,500 sqm are rented, to some 20 companies.
The investment supported by Ion Sturza, through his Friebourg Capital fund, amounts to about EUR 15 million. The project can be expanded to 63,000 sqm, according to the previous announcements of Sturza.
This is the second major transaction closed on the office market in Cluj-Napoca after local group Dedeman took over The Office complex for about EUR 120 million.
(Photo source: Facebook/Liberty Technology Park Cluj)
The sale of The Office Cluj-Napoca by Ovidiu Sandor and investment fund NEPI Rockastle to the Dedeman group was...