AdamAmerica is back on real estate market in Romania, buying Construdava office building
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The real estate investment market in Romania is on a rising trend as both the volume of closed transactions and the interest from foreign investors registered sizable increases due to favorable international capital flow dynamics, positive macro-economic environment, and last but not least an improved financing environment.
Aberdeen Asset Management Deutschland AG just announced that has signed a sale agreement of Construdava building in Bucharest to AdamAmerica, managed by Israeli Isaac Cohen Hoshen, former co-founder of Adama Holdings, a press release informs.
According to capital.ro sources, the transaction was completed for EUR 6-7 million.
This is a new opportunity for AdamAmerica to enter again on the Romanian market through the acquisition on valuable assets, Phoenix Tower and Construdava, but also to develop new residential projects, such as Reveria project in Eastern side of Bucharest.
Construdava is an office building with total surface of 9,400 sqm, located in the north-eastern part of the city, directly on the Pipera-Tunari main road. The building is fully leased by Metro Systems, the internal information technology provider of Metro Group. Metro Systems Romania is the 8th largest software company in Romania and has a team of 800 IT professionals working for more than 30 countries.
The transaction has been advised by Colliers International and Cameron McKenna Romania law firm, as seller’s consultants. The buyer, AdamAmerica, has been represented in this transaction by Biris Goran law firm.
“The sale of Phoenix Tower last year and then of Construdava confirms the interest for medium sized office buildings, supported especially by easier access to financing. 2016 was a dynamic year in terms of transactions with office buildings, this being the fourth transaction closed by Colliers in 2016”, said Simina Niculita, Associate Director within Investment Services at Colliers International.
In Romania, Aberdeen Asset Management Deutschland was also involved in 2015 in the largest retail transaction on the local market, the sale of Auchan Titan Shopping Center and in 2016 in the sales of Phoenix Tower, an office building with total surface of 10,000 sqm, in the Central-Eastern part of Bucharest, close to Bucharest Mall.
According to real estate analysts, 2016 maintained a comfortable market liquidity, marking a total investment volume of EUR 720 million.
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