Lion’s Head Investments, a joint-venture between South African investment fund Old Mutual Property and AG Capital, makes its first steps into the Romanian real-estate market and announces the acquisition of Portland Trust’s and Ares Management’s Oregon Park project, which consists of three class A Office buildings set in the Northern part of Bucharest, a press release informs.
The transaction comprises the purchase of the first two buildings (A and B) and the forward purchase of third building (Building C) that is currently under construction. At this time, the first two buildings of Oregon Park are fully leased to major international tenants like Oracle, Deloitte, Euler Hermes and Kepler Alten.
“We are delighted that a buyer such as Lion’s Head Investments has selected Oregon Park as their first investment in Bucharest. The project is a true business park and has been well leased to an excellent mix of tenants,” Robert Neale, Managing Director of Portland Trust, said.
The formal completion of the transaction is expected to take place in June 2018.
”Oregon Park is a great addition to our office portfolio which now exceeds 150,000 sqm of premium office space with a total value of EUR 310 million. This is only the first step in our ambitious investment plan in Romania,” Christo Iliev, CEO of Lion’s Head Investments, stated.
When finished, Oregon Park will comprise three office buildings, with approximately 70,000 sqm of leasable office space, BREEAM certified to “EXCELLENT” level. By the end of 2019, Oregon Park will become one of the most modern, efficient office projects in the Barbu Vacarescu-Floreasca area and also in the Northern area of Bucharest.
Building B of Oregon Park has recently won the CEEQA award of “Best overall Building in SEE 2018”.
Portland Trust has completed a number of other office developments in Bucharest including Floreasca Park, Floreasca 169, Bucharest Business Park and Opera Center. Portland Trust has also two projects under construction in Bucharest – Building C of Oregon Park and EXPO Business Park in the Expozitiei sub-market, also part of the Northern area of Romania’s capital city.
Lion’s Head portfolio of 150,000 sqm, ЕUR 310 million office space features two landmark buildings: Polygraphia Office Center, comprising over 35,000 sqm and Megapark – 75,000 sqm – fully leased offices to global companies.