Property group Yellow Tree has acquired an office building near Victoriei Square from a company that is under administration.
The group purchased the building in a tender for an estimated €5.54 million. The offices have a leasable area of around 4,000 sqm and an occupancy rate of 30%, according to a report by profit.ro. The deal comes less than one month after Yellow Tree bought another office building in central Bucharest.
Representatives of Yellow Tree said the latest acquisition is part of the group’s strategy to expand in the office market. The company that sold the building belonged to Romanian businessman Nelu Iordache, who is currently in jail on corruption charges.
Yellow Tree specializes in taking over distressed property assets and leasing them following major overhauls.
Sign up today for the latest news