Hungarian Crown Holding Kft. has purchased Cascade Office Building in central Bucharest for €10.1 million.
The project with a leasable area of 4,210 sqm was completed in 2005 and was purchased by GTC in 2017. Following the sale, GTC made a profit of close to 20%.
“The sale of Cascade is a perfect example of exercising this strategy, and I am confident that the sale of Cascade will enable us to make some exciting investments in the future. Over those five years, we have significantly upgraded the building making it more attractive to tenants and obtaining the LEED Gold certification,” said Zoltán Fekete, CEO of GTC.
GTC’s Romanian office portfolio includes City Gate (North and South Towers), Premium Plaza and Premium Point.
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