PL

ROMANIA Sino-Cypriot takeover of Floreasca Park

Investment & finance
GLL Real Estate Partners has sold the Floreasca Park office building in northern Bucharest to a joint venture between Resolution Property and Zeus Capital Management.

Floreasca Park has changed hands, according to local media reports, for an estimated EUR 100–110 mln at an investment yield of 7 pct.

The 37,500 sqm building at the junction of of Barbu Văcărescu and Soseaua Pipera in the city’s Pipera district was completed at the end of 2013. It was acquired by GLL from its developer Portland Trust in 2015 for EUR 104 mln, at a yield of 7.5 pct. Its main tenants include Oracle, Allianz, Kellogg's and BASF

The majority shareholder of Resolution Property is Chinese conglomerate Fosun. Zeus Capital Management is registered in Cyprus.

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