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ROMANIA Forte sells U Center I to Pavăl

Investment & finance
Forte Partners has sold the first phase of its U Center office development in Bucharest to Pavăl Holding for an undisclosed sum.

Completed in Q3 2021, the first phase of the U Center office project comprises almost 33,000 sqm gla. It is Well Health-Safety and LEED ‘Platinum’ certified with a score of 85, one of the highest LEED v4 certifications obtained in Romania. The building is 100 pct leased to such companies as Booking Holdings, Endava, Lensa, Up Romania, BT, Neuroaxis and DCS plus. Sources close to the deal estimate the sales price at EUR 90 mln.

The acquisition of the U Center project will help us strengthen our position on the office segment and will contribute to the transformation of the Tineretului area, laying the foundations of a new representative office hub for Bucharest. We are happy to conclude, after four years, a new transaction with Forte Partners and to expand our portfolio with another project carefully developed for employees, environment, and community.
Karina Pavăl, the vice-president of Pavăl Holding

Construction work on the second phase of U Center started in H2 2021 and should be completed in Q3 2023. The two phases of the complex in Tineretului in the south part of Bucharest city will together comprise 66,000 sqm, including retail and services on the ground floors.

In 2018, Pavăl Holding also acquired The Bridge office project in Bucharest, which eventually comprised 80,000 sqm, from Forte Partners for around EUR 200 mln. Paval Holding is an investment vehicle of brothers Dragoș and Adrian Paval, the owners of DIY chain Dedeman.

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Edition 5 (288) May 2024

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