Uniqa Real Estate, part of the insurance group, has completed the acquisition of The Light One office building in Bucharest from River Development for an undisclosed sum.
The Light One is the first building of the whole The Light complex, which will include three office buildings in total and a residential component. The building has a total leasable area of 21,653 sqm and a portfolio of local and international tenants.
„Being able to secure The Light One for UNIQA and our customers in a quite challenging market environment makes us confident to also reach our further goals in Bucharest and the CEE region," says Thomas Erdmann, General Manager of Uniqa Real Estate.
Ion Rădulea, founder and CEO of River Development, says the sale will fund the development of new buildings in Sema Parc and The Light project.
River Development has over 150,000 sqm of office space in its portfolio and has delivered over 38,000 sqm in the last two years.
Uniqa Real Estate Management manages more than €2.8 billion assets in real estate in Austria and the Central and Eastern Europe (CEE) region.
The legal counsels in the transaction were Biriș Goran (for the seller) and Schoenherr (for the buyer). Real estate consultancy Cushman & Wakefield Echinox was also an adviser.
