Allianz-Țiriac Asigurări has completed the sale of its two former headquarters located in the Victoriei Square area of Bucharest, through transactions brokered by Cushman & Wakefield Echinox.
The property on Căderea Bastiliei Street, with approximately 6,000 sqm of leasable space, was acquired by Praktiker Real Estate, a company owned by businessman Omer Susli. The second building, located on Grigore Alexandrescu Street with 4,000 sqm of leasable area, was purchased by Primavera Development, a developer with experience in office buildings and residential projects.
Mihaela Pană, Partner, Private Investments, Cushman & Wakefield Echinox said: "These transactions confirm the dynamism of the Romanian investment market when it comes to centrally located assets, which continue to generate strong interest from tenants. We are seeing consistent appetite from local investors in properties that, through renovation investments, can be repositioned on the market and whose value can increase over time."
The sale of these two buildings signals that Bucharest's office market has entered a new growth cycle. The fact that both acquisitions were made by local buyers demonstrates their confidence in the Romanian real estate market. Alexandru Mitrache, Head of Transactions Land & Investment, Cushman & Wakefield Echinox said: "The two properties are examples of how well-located real estate assets can attract interest from investors, even in a market environment full of uncertainties."
