Romanian office portfolio sells for €294m

NEPI Rockcastle has completed the sale of its Romanian office portfolio to Dutch-registered real estate developer AFI Europe for €294 million ($350 million).

The portfolio consists of four class A office projects: Floreasca Business Park, The Lakeview, Aviatorilor 8 and Timisoara City Business Center. The four projects comprise eight office buildings in Bucharest and Timisoara with a total gross leasable area of 118,500 square meters (1.27 million square feet).

Overall market activity in Bucharest plunged in first half 2020: gross demand was down by nearly 28 percent, to a bit more than 124,000 square meters (1.33 million square feet), while new demand halved after an exceptional year, to under 45,000 square meters (484,000 square feet), reported Colliers International, which describes the numbers with a four-quarter rolling average as “not a big drop,” with the gross demand figure still roughly in line with the average for this cycle, and noted “2019 was inde