Real estate developer Portland Trust and investment fund Ares Management have sold the Oregon Park office complex in Bucharest to Lion’s Head Investments, a joint-venture between South African investment fund Old Mutual Property and AG Capital, for an undisclosed sum.
The Oregon Park office complex is located in the northern part of Bucharest. Once completed, the complex will comprise three Class A office buildings and nearly 70,000 sqm GLA. So far Buildings A and B have been completed and building C is currently under construction. Buildings A and B are fully leased to international tenants.
“Oregon Park is a great addition to our office portfolio, which now exceeds 150,000 sqm of premium office space with a total value of €310 million. This is only the first step in our ambitious investment plan in Romania,” said Christo Iliev, CEO of Lion’s Head Investment
The formal completion of the transaction is expected to take place in June 2018. Kinstellar advised the buyer and Peli Filip and Knight Frank advised the vendor.