AFI Europe has purchased the myhive Victoriei building in central Bucharest from Immofinanz for around €27 million. The new owner plans to turn the existing office building into a mixed-use project, with the conversion permit already secured.
The project, previously acquired by Immofinanz from Erste-owned BCR, in March 2021, is located close to the old town.
The office project has a built area of 38,703 and is the first modern building constructed in the Bucharest in the '90s. It was previously known as the Bancorex Block, later rebranded as Bucharest Financial Plaza.
Doron Klein, Deputy CEO AFI Europe & CEO AFI Europe Romania and Czech Republic, said the purchase was in line with the developer’s strategy in Romania. He added the goal is to “transform this iconic property into a modern, A Class mixed use project that meets the highest standards of quality.”
The transaction was brokered by Colliers and Cushman & Wakefield Echinox, while law firm Popovici Nițu Stoica & Asociații worked with AFI Europe.
”The opportunity attracted meaningful interest and contributes to an increasingly active Romanian investment market as shown by the year-to-date results, and with more activity on the way," said Robert Miklo, Director | Investment Services at Colliers.
Cristi Moga, Head of Capital Markets at Cushman & Wakefield Echinox, added: “The transaction and the subsequent development of this landmark property reconfirm the solid fundamentals of Bucharest office market and will create a new retail and F&B hotspot on Calea Victoriei, between Lipscani street, CEC Palace, Victoria Store and the National History Museum.”
With this deal, AFI Europe’s office portfolio has reached over 300,000 sqm in Romania.
