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News from Members CBRE assisted S IMMO in the acquisition of EXPO Business Park, one of the most important single-asset investment transactions in Romania in recent years

CBRE assisted S IMMO in the acquisition of EXPO Business Park, one of the most important single-asset investment transactions in Romania in recent years

by CBRE April 19, 2022

Website www.cbre.ro

CBRE Romania assisted S IMMO AG, in the acquisition of EXPO Business Park, an office complex located in the north Bucharest. This transaction is the first one from CBRE Romania’s record pipeline for 2022, a pipeline with a value of over 1 billion euro and assets from all segments of commercial real-estate.

“Investor interest in the office segment remains unabated and the low time in which this deal was completed shows a new reality for the post-pandemic period. In spite of recent challenges, the market is very solid and we at CBRE have deals in excess of EUR 1bn under advanced stages of negotiation that are likely to close in 2022. Our investment team is now very cohesive and experienced and has expanded its capabilities, making us very efficient in successfully managing high value projects simultaneously.” said Mihai Patrulescu, Head of Investment Properties, CBRE Romania.

With a total surface of 40,000 square meters, Expo Business Park, one of the first projects in Expozitiei area that turned into a hotspot on the real estate map of Bucharest, was acquired by S IMMO from Portland Trust. Among the tenants are ING Bank, MagnaPharm Marketing & Sales Romania (former A&D Pharma), Deutsche Leasing, Mars, Omega Pharma, Regus / Spaces, Royal Canin and World Class.

“The acquisition of EXPO Business Park by S IMMO AG is one of the most important single-asset investment transactions in Romania in recent years. We are proud to have represented S IMMO in a new strategic acquisition process, with the role of portfolio expansion, covering a new office pole in Bucharest, the Expozitiei area, just 16 months after the acquisition of Campus 6.2 and 6.3, in the Centre-West area of the capital.” added Laura Dumea-Bencze, Investment Properties, CBRE Romania.

S IMMO’s portfolio in Romania includes Sun Plaza mall, the Novotel hotel building, The Mark office tower and office buildings Campus 6.2 and Campus 6.3.

A dynamic first quarter of the year for Romania

In the first three months of 2022, on Romania’s investment market were concluded transactions with a total volume of EUR 68 mln., with 31% less compared with the same period from 2021, according to the latest data from CBRE Research. The largest deal of the quarter represented 48% of the total investment volume and refers to the acquisition of the office building Record Park in Cluj-Napoca, bought by AYA Properties from Speedwell for an estimated amount over EUR 30 mln.

Even though from the total four investment transactions registered for Q1 2022, three of them involved properties located in Bucharest, they could only attract 52% from the total investment volume.

Analyzing by sectors, office and retail properties were the two types of properties for which investors managed to seal the deal in the first quarter of the year. Not surprising anymore, office properties continue to generate the largest investment volume, accounting for 77% from the total transacted sum. Nonetheless, the other 33% is the contribution of a single retail deal, meaning Vitantis Shopping Center in Bucharest, bought by a private investor from Revetas Capital for approximately EUR 15 mln.

The source of capital brought on the Romanian market in the first quarter of the year was exclusively foreign, the largest share coming from Belgium, followed by Turkey and Hungary with percentages of 22% each from total volume and Cyprus with 8%.

At the beginning of the year, prime yields remained at the same level from the last quarter of 2021, respectively at 7.00% for retail market, 6.75% for the office market and 7.25% for the industrial market.

TRANSACTIONS Q1 2022

Property Name

Price (MLN. EUR)

Purchaser

Vendor

Buzesti Building

5,5+

Yellow Tree

Private Investor

Record Park

32+

AYA Properties

Speedwell

Vitantis Shopping Center

15

Private Investor - Omer Susli

Revetas Capital

Baneasa Business Center

15

Indotek

Adval Asset Management

About CBRE

CBRE, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm, based on 2019 revenue. The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 530 offices (excluding affiliates) worldwide. In Romania, CBRE offers an extensive range of integrated services including transaction management and coordination, project management, design and build services, property management, investment management, valuation, property rental, strategic consulting, property sales, mortgage services and development services. For more information, please visit www.cbre.ro or follow  our Linkedin page.

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