News Article Atenor DaciaOne Dedeman Hermes Business Campus office Pavăl Holding Romania
by Property Forum | Office

Property developer Atenor says it sold its office project Dacia One in central Bucharest to Pavăl Holding, then owner of Romanian DIY retailer Dedeman. 

The office project is fully pre-let and comprises a listed historic monument of 1,500 sqm and a new building of 13,500 sqm. 

“The positive impact of this agreement on results will be recognised in the second half of 2021. This sale will have a positive net impact on cash of around €50 million,” said the company in a statement. 

The sale came less than one month after Atenor concluded the sale of Hermes Business Campus in Bucharest to Adventum Group for an estimated €140 million. 

In the meantime, Atenor is developing office project @Expo with a leasable area of 54,720 sqm and residential complex UP-site. 

The holding, founded by Pavăl brothers, has an increasing exposure in the local property market. The company owns two office projects in Bucharest and Cluj-Napoca and has invested in a local industrial developer and a producer of construction materials. Moreover, the holding is investing in a mixed-use scheme in Bacău, where Dedeman HQ is based. Near Bucharest, the company owns a land of 64 hectares suitable for real estate development.