Morgan Stanley JV makes first transaction in Romania

A fund advised by Morgan Stanley Real Estate Investing (MSREI), in a joint venture with David Hay, former CEO of AFI Europe Romania, has acquired America House, a prime office building located in Bucharest, Romania, from a fund managed by AEW Europe.

“We are very pleased to have acquired a prime asset in Bucharest,” said Ulf Pleschiutschnig, co-head of Europe Investments with MSREI. “This investment is consistent with our strategy of buying quality assets in central locations with potential to improve the underlying performance through asset management initiatives. We look forward to working with David Hay to manage the asset as we seek to deliver additional value to our investors.”

Terms of the transaction were not disclosed.

Hay is the CEO of Add Value Management SRL, which will be working alongside MSREI to run the operations of the asset.

Hay said, “I am very excited to work with MSREI in its first transaction in the Romanian market. After s