S Immo buys two office buildings in Bucharest from Skanska

Campus 6 consists of four building components and is located in Bucharest's well-established sub-market Center-West. The two eleven-story Class A office buildings have two basements with 463 parking lots. Both buildings have been already pre-certified with LEED Gold and WELL Silver. Campus 6.3 is already delivered, and Campus 6.2 will be delivered in Q1 2021. The transfer of the property to S Immo's portfolio is scheduled for Q2 2021.

"Campus 6.2 and 6.3 are a first-class addition to our portfolio in Bucharest. We are absolutely convinced, that the office market in the Romanian capital will continue to grow strongly following a slight, pandemic-related stagnation. Once completed, the two properties will add long-term value to S Immo's CEE portfolio and will deliver positive contributions to earnings", Friedrich Wachernig, member of S Immo AG's Management Board expressed his satisfaction with the acquisitions.

Kinstellar advised S Immo during the transaction. “We started this deal long ago – before the Covid-19 pandemic – and was complex and intense with all of the moving targets of a forward purchase. The client’s team was outstanding, and we really wanted to close this transaction for them. I really believe that this transaction shows again that Kinstellar has one of the strongest and most experienced real estate practices in Romania, and comes on the heels of a slew of other recently closed deals. This deal shows also that Romania continues to be an attractive target for real estate investment. Congratulations to all involved – Santa Claus indeed came early this year," Victor Constantinescu, Managing Partner of the Bucharest office and Head of its Real Estate practice noted.

Victor Constantinescu

Managing Partner, Romania & Co-Head of Real Estate
Kinstellar

Victor Constantinescu is the Managing Partner of Kinstellar’s Bucharest office and the Co-Head of the firm-wide real estate practice. Kinstellar is a leading law firm in Central and Eastern Europe and Central Asia, with offices in 10 countries and over 250 lawyers. Victor focuses on all aspects of real estate transactions in the region for a range of international investment funds and local developers with over 15 years’ experience locally and regionally. His particular emphasis is on transactional work: acquisitions and sales of commercial real estate, as well as joint ventures, across all asset classes: retail, office, logistics, and agricultural.  He has been ranked for several years as a Band 1 lawyer in the Romanian real estate sector by the leading international legal directories Chambers, Legal 500 and other benchmark publications. In recent editions, clients recommend him as "an outstanding practitioner for his commercially-oriented approach", as well as for "his commercial and precise advice, flexibility and international experience”. He is further described as "experienced, active and well connected’, with clients appreciating the "very easy communication" with him. Born in Canada, he is a native English speaker. He began his career practicing in the United States before moving to Romania full-time in 2004. He is admitted to the New York and Bucharest Bars. More »

The new buildings acquired by S IMMO, Campus 6.2 and 6.3, increase the office portfolio of S IMMO in Romania to over 73,000 sqm of GLA, together with the existing office buildings, The Mark and Sun Plaza Offices.

At the end of this year’s first nine months, the total investment volume in Romania accounts for €521.4 million (including the GTC shares transaction), with office buildings as the most traded sector, accounting for 90% of the total national transaction volume, according to data by CBRE. the company advising S Immo during this transaction. 

JLL Romania advised Skanska in the sales process.