Adrian and Dragos Paval from Bacau, owners of DIY retailer Dedeman, are interested in purchasing AFI 1, 2, 3, 4 & 5 office buildings, purchase for which they have already signed a letter of intent, sources say for profit.ro.
The value of the five buildings is estimated at EUR 154 million, or even EUR 160 million, according to mirsanu.ro.
Thus, Pavals make their entrance on Romanian real estate market.
David Hay, CEO AFI Europe Romania, did not want to comment on the issue.
The selling of AFI Park project would represent the largest deal in this segment from 2007, when Globe Trade Center (GTC) announced the sale of America House office building for EUR120.3 million. Recently, America House building owned by AEW Europe, owned in turn by Natixis and La Banque Postale, was put up for sale, according to capital.ro.
“We decided to invest in real estate, not because it’s fashionable. (…) We think it as a support for whatever period will come someday, when the demand in our industry could enter a downward trend,” Dragos Paval said recently in an interview.
On that occasion, he said that, together with Dragos Paval, is preparing to launch two investment funds, one for real estate investment and venture capital fund for Romanian startups investments.
AFI Properties, the parent company of AFI Europe, completed last year office buildings AFI Park 4&5 in Bucharest (32K GLA). In the office park, 70,000 GLA sqm of the office buildings AFI Park 1-5 were close to 100 percent occupancy rate.