U.S. endowment fund buys Romanian tech park

White Star Real Estate has partnered with an unnamed U.S. endowment fund to acquire the Liberty Technology Park in Cluj-Napoca, Romania, from Fribourg Development, the real estate division of private equity group Fribourg Capital.

Liberty represents 18,000 square meters (1.9 million square feet) of former industrial buildings, redeveloped over the past six years by Fribourg into a modern, industrial-feel office park.

Brian Patterson, founder of White Star Real Estate, commented, “We are excited by the opportunity that Liberty Technology Park presents, to benefit from the very favorable economic and demographic trends in Romania and to continue to build one of the leading technology parks in the CEE markets. As far as I am aware, the acquisition of Liberty Technology Park represents the first time a U.S. university endowment fund has invested directly into the Romanian real estate market, demonstrating our confidence in the development of Cluj-Napoca in general and of