Dedeman has signed a contract for the purchase of The Office in Cluj-Napoca. The sellers are developers NEPI Rockcastle and Ovidiu Sandor. The purchase price has not been disclosed, but it is estimated to be around €100 million.
“We are delighted that the Office project will be taken over by a strong entrepreneurial group with Romanian capital. It is a guarantee for the management and development of the project and is also a long-term commitment to our tenants who will have a reliable partner. The conclusion of this transaction will allow us to focus on the current investments in ISHO and to broaden our horizons in order to identify new investments,” says Ovidiu Sandor.
“The marketing of The Office is a first step in the sale of assets that are no longer part of NEPI Rockcastle’s current strategy of focusing on dominant business Centers. The Office is a great project and we are glad it will remain the property of an investor dedicated to Romania’s development plans. We have also noticed the proof of liquidity for the major regional markets in Romania through the interest shown by investors for The Office. The office portfolio with which we stay in Bucharest and Timisoara is also very interesting on the market, so we analyse the opportunity to sell this portfolio in the next period,” declares NEPI Rockcastle representatives.
The Office was completed in three phases in 2017. With a rental area of nearly 60,000 square meters and a 100 percent occupancy rate, the project was the first office building in the region that meets the international standards for Class A properties.
“This transaction marks another important step in our investment strategy. The Office Project is an ideal choice for Dedeman and has convinced us both by locating it in one of the country’s most important and developed cities, as well as by the high quality and sustainability standards it meets. By continuing to build on the local property market, we also want to strengthen the trust of all Romanian entrepreneurs and inspire the courage to support their great aspirations,” says Dragos Paval, President of Dedeman.
JLL Romania and Reff Romania assisted the vendors, while Popovici Niţu Stoica & Asociaţii assisted the buyer. Colliers International has provided additional support for NEPI Rockastle and PeliFilip for Mulberry.