PL

ROMANIA S Immo snaps up Expo Business Park

Investment & finance
Austrian real estate company S Immo has acquired the Expo Business Park office complex in Bucharest from Portland Trust, Bluehouse Capital and Ares Management for an undisclosed sum.

The three building complex in the centre-north of Bucharest comprises app. 41,500 sqm of office space and underground parking for 600 vehicles featuring a vehicle recognition system and facilities for cyclists. It was completed in summer 2019 and designed by Chapman Taylor. Building 3 (18,000 sqm) is fully leased to ING Bank. Other tenants include A&D Pharma, Magna Pharm, Deutsche Leasing, Mars, Omega Pharma, Regus/Spaces, Royal Canin and World Class.

We were convinced not only by Expo Business Park’s high rental occupancy and earning power, but also by the sustainable quality of the building and the outstanding certifications. With this purchase, we are expanding our portfolio with yet another high-end property and strengthening our position in Bucharest, currently one of the most important office markets in the CEE region. In addition, the significant rental income will have a positive impact on our cash flow and S Immo’s overall result.
Herwig Teufelsdorfer, the CIO of S Immo

Expo Business Park has obtained BREEAM ‘Outstanding’ and Well Health & Safety certification.

The acquisition, which will take place in the form of a share deal, is expected to close in Q2 2022.

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