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20m euros for office building

Ziarul Financiar 19.02.2008

British investment group City Capital has bought the Buzesti Business Center, located close to Bucharest's Victoriei Square, in a transaction estimated at 20 million euros. Businessman Ion Chirescu, who controls the design engineering and constructions company Art Group, and his wife, were majority shareholders of the building, and secured over 10 million euros from the deal. "The building was purchased at an initial 7% yield. The acquisition is in line with our investment strategy, to buy class A office buildings rented out to major firms. (...) The Chirescus were the majority shareholders of the building," Daniel Lem, investment manager of City Capital, told ZF. Ion Chirescu did not wish to comment on the transaction, but confirmed that he was one of the former owners. The building has around 6,500 sqm of lettable space, and tenants that include Austrian-based Volksbank and real estate consulting company Media City, whilst rent stands at around 18 euros/sqm. This is City Capital's third transaction on the local market, after it purchased two office buildings in the Obor area of Bucharest from a firm in the Avrig 35 group (controlled by Alexander Hergan), as well as the building hosting the headquarters of cable company UPC. Both projects were purchased early last year, with the cumulated value of the two companies exceeding 30 million euros.

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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