Adval Asset Management supported by JLL's Capital Markets team has successfully secured the refinancing of €6 million of Cascade Offices. Cascade Offices is a 4200 sqm office building delivered in 2005 and located on Buzesti Street, in the heart of the Central Business District of Bucharest. Among the main tenants, the project counts Procredit Bank, Enel and Taiwan TC.
David Hayward, CEO of Adval, had this to say about the transaction: "In 2014 Adval performed a management buyout of a portfolio of assets that the team had managed for the previous six years. Over the last two years we have brought equity and actively managed the portfolio in parallel to disposing of assets and restructuring or refinancing the loans. Cascade Offices one of the buildings within this portfolio is a fully let, well located and well managed building with a proven track record of tenant retention and good performance. With this refinancing we have now stabilised what remains of that portfolio under our ownership with which we plan to seed a real estate property fund for new investors to co-invest with us in building a significant portfolio of commercial real estate assets in the region".
Silviana Badea, Head of Capital Markets in JLL in Romania declares: "JLL has advised Adval Asset Management on refinancing of the current loan taking advantage of the financing market sentiment and lending appetite. The terms and pricing provided by the lender are extremely competitive, which demonstrates the Bank's confidence in the office sector provided the sponsor has good standing.”
