Pavăl Holding, the investment vehicle of the Pavăl family, has purchased first phase of the U•Center office project in the Tineretului area of Bucharest from Romanian developer Forte Partners for an undisclosed sum.
The first phase was completed in Q3 2021 and has a leasable area of almost 33,000 sqm, being fully occupied at present. Construction works on the second phase of the project were started in H2 2021 and will be finalized in Q3 2023, with the total leasable area of the project set to reach 66,000 sqm.
”The acquisition of the U•Center project will help us strengthen our position on the office segment and will contribute to the transformation of the Tineretului area, laying the foundations of a new representative office hub for Bucharest. We are happy to conclude, after four years, a new transaction with Forte Partners and to expand our portfolio with another project carefully developed for employees, environment, and community,” said Karina Pavăl, Vice President of Pavăl Holding.
In 2018, Pavăl Holding acquired Forte Partner’s The Bridge office project in Bucharest, which was under construction at the time, in the largest real estate transaction of that year. After signing the transaction, Forte Partners continued the development of the project until the completion of the three phases, with a total leasable area of 80,000 sqm.
“This transaction represents a double validation of Forte Partners' strategy to develop sustainable office projects, designed to ensure well-being and a healthy working environment for the employees of the tenant companies and with care for the local communities,” said Geo Mărgescu, Co-Founder and CEO of Forte Partners.
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