Paval Holding, owner of the Dedeman DIY retail chain, has acquired a Class-A office project in central Bucharest, Romania for which it has paid about €50 million.
The15,000 sq m building, known as Dacia One was developed by Belgium’s Atenor.
Located at the intersection of Calea Victoriei and Dacia Boulevard, Dacia One incorporates a historic building built in the 19th Century and known as Casa Cesianu, which was renovated as part of the project.
The project’s main tenant is ING Tech, a global software development arm of the ING Group, in addition to law firm Noerr and ESS.
“The fact that the transaction took place in the context of a pandemic confirms the investor’s confidence in the quality of the project and the potential of the office market and contributes to the liquidity of the local investment market,” said Robert Miklo, director of investment services at Colliers, which brokered the sale.
Romanian 2021 commercial property investment volume hits €800m
“We estimate the Romanian commercial real estate transaction market to have exceeded €800 million in 2021, with almost half of the acquisition volume involving investors mostly associated with the Central and Eastern European region, including Romanian capital,” he added.
Atenor has also sold Hermes Business Campus, in the north of Bucharest, to the Hungarian Adventum Group and is currently developing the @Expo office complex in the Expozitiei area. It will have a total area of approximately 49,000 sq m and will be managed by Colliers.
Atenor’s activities in Romania include the Up-site, a 26,000 sq m premium residential project in the Floreasca area of Bucharest in which 65% of the apartments have been sold.
The Dacia One deal is Paval Holding’s third office asset and its office portfolio now exceeds 150,000 sq m.