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Hergan sells office buildings worth 46m euros outside Bucharest

Ziarul Financiar 13.02.2008

Real estate group Avrig 35, controlled by businessman Alexander Hergan, one of the leading local developers, characterised by his discreet operations, has sold a portfolio of 18 properties for around 46.3 million euros to investment fund New Europe Property (NEP) Investments, a fund listed on the AIM market of London Stock Exchange. "The project consists of office buildings that are located in cities like Constanta, Brasov, Targu-Mures and Craiova. A portion of them have been modernised recently, while others are still under renovation. We are in talks for further acquisitions and we have the funds to conduct new investments," Victor Semionov, manager of NEP Investments, told ZF. This is the third project sold by Hergan, after the firm collected around 40 million euros for a 50% stake held in Bucharest's Charles de Gaulle Plaza office building and 30.5 million dollars for another two office buildings in the Obor area. According to the latest information available, Hergan is developing projects worth over 500 million euros, with prime investments such as Tower Center International building, developed in Bucharest's PiataVictoriei (Victoriei Square), Industrialexportimport, and a retail park in Pitesti.

Avrig 35 Group

Avrig 35 Group was established in 1999 by four American investors. Since its inception the Group has grown to become one of the leading real estate developers in Romania. The company draws upon the extensive experience of its owners and employees to approach ambitious projects in different sectors of the Romanian market. Our ability to deliver exceptional services and value to our clients derives from the strength of our investment analysts and construction professionals working together towards a common goal.

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