River Development, the developer of the two integrated and multi-functional projects – Sema Parc and The Light, signed the transaction for the sale of The Light One building to the investor UNIQA Real Estate GmbH today.
River Development and UNIQA Real Estate GmbH have completed the transaction regarding the acquisition of The Light One office building, with a total leasable area (GLA) of 21,653 square meters today.
“The Light One is a development landmark for office buildings in Bucharest and we are proud of what we have achieved. Closing this transaction today is a success for us, especially since it took place in a time marked by challenges. Selling The Light One office building will allow us to further develop the other projects we have in various stages of development in Sema Parc and The Light.” – says Ion Rădulea, founder and CEO of River Development, the developer of the Sema Parc project.
The Light One is a Class A office building, located in Bucharest on 6Q Iuliu Maniu Boulevard. It has a built area of 32,500 square meters and a structure of 2 underground floors, 10 floors and a technical floor. The building is a green building.
The Light One is the first built of the whole The Light ensemble, which will include, at the end of the project, three distinct office buildings – The Light One, The Light Two and The Light Three, to which is added the residential segment The Light Home and related facilities.
“The Light is an outstanding development with further development phases to come. Being able to secure The Light One for UNIQA and our customers in a quite challenging market environment makes us confident to also reach our further goals in Bucharest and the CEE region.” – states Thomas Erdmann, GM of UNIQA Real Estate GmbH.
The legal counsels in the transaction were Biris Goran SPARL (for the seller) and Schoenherr (for the buyer), and the real-estate counsels were Cushman & Wakefield Echinox.