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ROMANIA AFI and NEPI finally seal portfolio deal

Investment & finance
AFI Europe has concluded its on-off deal for the acquisition of a portfolio of four office projects in Romania from Nepi Rockcastle.

The properties in question, Floreasca Business Park (36,470 sqm gla), The Lakeview (25,900 sqm gla) and Aviatorilor 8 (formerly Victoriei Office, 8,200 sqm gla) in Bucharest, as well as City Business Centre (47,940 sqm gla) in Timișoara – eight buildings with a total of 118,500 sqm) have been sold for EUR 290 mln, the price originally negotiated late last year. The handover of the assets is scheduled to be completed over the next four months.

In early July the portfolio purchase foundered when AFI Europe suspended the negotiations, claiming that the pandemic made it impossible to finalise the deal – a claim hotly disputed by Nepi Rockcastle, which demanded the payment of a EUR 15 mln guarantee. It was subsequently announced that the two parties had agreed a memorandum of understanding about how the transaction should proceed.

AFI Europe Romania remains committed to developing a strong portfolio on the Romanian market. The acquisition is fully in line with our strategy of expanding our operations in the country, with a focus on high-yield properties.
Doron Klein, the CEO of AFI Europe Romania and the Czech Republic

Along with its residential and retail projects in Bucharest, Ploiești and Brașov, this latest transaction together with a number of ongoing office developments will increase AFI Europe’s Romanian office portfolio to almost 300,000 sqm under management.

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