Real estate investment company S Immo AG has purchased the Expo Business Park office project in Bucharest from Portland Trust for an undisclosed sum.
The project has a usable area of around 41,500 sqm and is leased to financial and pharmaceutical companies. The three-part office complex is located in the office district centre-west, adjacent to the Bucharest exhibition grounds.
“With this purchase, we are expanding our portfolio with yet another high-end property and strengthening our position in Bucharest, currently one of the most important office markets in CEE. In addition, the significant rental income will have a positive impact on our cash flow and S Immo's overall result," said Herwig Teufelsdorfer, CIO of S Immo AG. The closing of the deal is expected in the second quarter of this year.
The project was completed in 2019 and has received the BREEAM Outstanding and WELL Health & Safety certifications. Following the recent transaction, S Immo’s local portfolio comprises four office projects, one hotel and one shopping centre.
