Chinese investment company Fosun has acquired the Floreasca Park office building in northern Bucharest from German investor GLL. The transaction was carried out through Fosun’s local subsidiary Resolution Property, which acts as a value-added real estate investment manager.
Floreasca Park has changed hands for an estimated €100–110 million, based on an investment yield of 7%, according to Ziarul Financiar’s estimates. The 37,500 sqm building, located in the city’s Pipera district, was completed at the end of 2013. It was acquired by GLL from its developer Portland Trust in 2015 for € 104 million, at a yield of 7.5%. The property’s list of tenants includes Oracle, Allianz, Kellogg's and BASF.
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