by Property Forum | Investment

CIT Group, a Romanian retailer specialised in IT equipment, has acquired the Nokia building in Timișoara for €6.2 million which marks the company’s entry into the real estate business. The property will be managed by CIT’s Imobiliare division.

The 11,000 sqm building is located in the centre of Timișoara, in the immediate vicinity of the City Business Center. The talks and negotiation process lasted more than a year with the building attracting the interest of international players like Globalworth investment fund. CIT Group was assisted in this transaction by the law firm Crudiu and Associates.
CIT Group’s portfolio already includes an office building of 2,400 sqm which is fully leased. The company is reportedly looking to acquire more buildings