Belgian real estate developer Atenor says it struck a deal to sell its Bucharest-based office project Hermes Business Campus to Adventum International, a Malta-based boutique investment fund manager and its partners for an undisclosed sum.
The complex located in northern Bucharest comprises three buildings with a total leasable area of 75,000 sqm, which are occupied by multinational companies. The project was completed at the end of 2016.
Atenor says the transaction allows it to decrease by €120 million the net indebtedness, having booked for six years the rental income produced by these buildings.
The purchase helps Adventum Group to boost its presence in Central and Eastern Europe. The company has over €400 million worth of assets under management and has a regional investment footprint on around €1.5 billion.
In mid-Spring, Atenor started the development of its first residential project in Bucharest comprising 270 apartments. The developer is also working on office projects in the Romanian capital.
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