Real estate investment company Arion Green has acquired the Global City office complex located in Pipera from Global City Business Park. The transaction was closed at the end of April.
Global City comprises two Class A office buildings, with a gross leasable area of 55,000 square meters.
Arion Green Investments is a subsidiary of the Onassis Foundation, according to Takis Fyssas, director of the company.
PwC Romania and D&B David and Baias provided financial, tax and legal assistance to the buyer throughout the transaction. The services included due diligence on all three levels, as well as assistance in drafting and negotiating the transaction documents. The transaction also benefited by the assistance of PwC Greece and Greek law firm A.S. Papadimitriou & Partners.
"The completion of this transaction is an important one for the M&A market, which has slowed down, in the context of the crisis generated by the COVID-19 pandemic. The year had started with a large number of transactions in various stages of negotiation, some of which we successfully completed and others were postponed due to the uncertainties created by this global crisis. But it is a signal that, although the market conditions are unusual, there are investors looking for opportunities and sectors more or less resistant to the crisis", said Cornelia Bumbăcea, Partner at PwC Romania.
