NEPI Buys Office Park In W Romania
Real estate investment fund New Europe Property Investments (NEP.RO), or NEPI, has bought office park City Business Centre in Timisoara, western Romania, from the ModaTim group of companies, according to a news release of Jones Lang LaSalle, the vendors’ advisor.
Mediafax reported the deal back in November, citing real estate market sources that estimated the transaction value at EUR40 million.
NEPI has taken over the majority stakes in ModaTim Investment SA and ModaTim Properties SA, the developers of City Business Centre. Ovidiu Sandor, who started the Timisoara investment, will continue to manage the whole project until 2015 and he will coordinate the development of two additional buildings in the office park.
Upon final completion, City Business Centre will span over 43,000 square meters (gross leasable area) and will include five interlinked structures. The three existing buildings, with a lettable area of 25.000 sqm, are currently 90% leased to large international tenants such as IBM, PricewaterhouseCoopers, Vodafone, Alcatel-Lucent, Wipro Technologies, BCR, Deloitte and Microsoft.
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