Middle Eastern investor acquires Bucharest office building

Day Tower is a brand new Class A office building, close to the historic centre of the city, in the immediate vicinity of the National Library of Romania and Bucharest City Courthouse, and close to the Palace of Parliament Building, the second largest administrative building in the world after the Pentagon. The building hosts, under a long-term agreement, the country headquarters of Enel, a global leader in the energy sector. The building has been certified with a BREEAM rating of “Excellent”.

Chris Gillum, Head of Offices, Savills Regional Investment Advisory EMEA, says: “This is our client’s first investment in Bucharest, predicted to be one of the top ten fastest-growing European cities over the next five years. This follows an increasing trend we have witnessed in the market, of international capital targeting the yield premiums available in the CEE markets. Day Tower is a high-quality asset in the central area of the city which is well let and will undoubtedly benefit as the district continues to develop.”

Codrin Matei, Managing Partner at Crosspoint Real Estate says: “This transaction marks the entry into a new stage of development for the investment market in Romania. The transaction will further increase other investors and developers’ confidence in the positive fundamentals in Bucharest. The compression of prime office yields we have seen over recent years, as well as the capital diversification,  will most likely determine an increase of the liquidity and subsequently a re-positioning of the Romanian market, as a destination that can no longer be ignored by large investment funds.”

Codrin Matei

Managing Partner, Head of Capital Markets
Crosspoint Real Estate

Codrin Matei is co-founder and managing partner of Crosspoint. For more than 10 years he has been actively involved in the local and foreign stock markets system, having also acquired extensive experience in the banking industry, while holding positions within BRD – Groupe Société Générale (corporate clients and high-end individuals). He graduated from the Academy of Economic Studies, Bucharest, with a major in Business Management followed by a master in Investment Management at the same university. He is a certified Investment Consultant and holds a certification from London Business School on Corporate Finance. Between 2015-2017, he was part of the Global Advisory Board for Leading Real Estate Companies of the World (by-invitation-only network, present in over 65 countries, with 565 firms and 130,000 sales associates that transact annually ~ $368 billion).  More »