Hungarian Indotek Group has purchased Băneasa Business Center, located in the northern business center of Bucharest, with nearly 10,000 sqm of leasable space for an undisclosed sum.
Following the acquisition, the group's real estate portfolio on the local market grew to around 60,000 sqm. The building has a 15-year lease history and an occupancy rate of 94%. Among its tenants there are large international companies.
“With this acquisition, we aim to operate and develop the office building in the long term and to further improve its occupancy rate," said Florin Tirla, Indotek Group Regional Manager for Romania and Bulgaria.
Indotek Group entered the Romanian market in 2019 through the acquisition of Promenada Târgu Mureș shopping centre in Târgu Mureș, which spans more than 50,000 sqm. At present, the group is investing and developing real estate projects in 12 countries.
"The upward trend of the Romanian real estate market offers excellent investment opportunities, as evidenced by the increase in the volume of closed real estate transactions and the interest of foreign investors. Real estate investment in Romania is also benefiting from the dynamics of international capital flows, the macroeconomic environment, the level of market liquidity and the improving financing environment in Romania. We plan to further build our Romanian portfolio by acquiring properties in line with our value-added strategy and further strengthen our presence in the country's real estate market," added Krisztián Hornok, Transaction Director of Indotek Group.
Law firm Țucă Zbârcea & Asociații supported Indotek Group on the Bucharest-based deal.
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