Aberdeen Asset Management Deutschland AG signed a sale agreement of Construdava building in Bucharest to AdamAmerica. This is the third transaction in which Aberdeen Asset Management Deutschland AG was advised by Colliers International, according to a press release of the company issued on Thursday.
Construdava is an office building with total surface of 9,400 m2, located in the north-eastern part of the city, directly on the Pipera-Tunari main road. The building is fully leased by Metro Systems, the internal information technology provider of Metro Group. Metro Systems Romania is the 8th largest software company in Romania and has a team of 800 IT professionals working for more than 30 countries.
The transaction has been advised by Colliers International and Cameron McKenna Romania law firm, as seller’s consultants. The buyer, AdamAmerica, has been represented in this transaction by Biris Goran law firm.
“The sale of Phoenix Tower last year and then of Construdava confirms the interest for medium sized office buildings, supported especially by easier access to financing. 2016 was a dynamic year in terms of transactions with office buildings, this being the fourth transaction closed by Colliers in 2016”, said Simina Niculita, Associate Director within Investment Services at Colliers International.
The real estate investment market in Romania is on a rising trend as both the volume of closed transactions and the interest from foreign investors registered sizable increases due to favorable international capital flow dynamics, positive macro-economic environment, and last but not least an improved financing environment. 2016 maintained a comfortable market liquidity, marking a total investment volume of EUR 720 million.
In Romania, investment fund Aberdeen Asset Management Deutschland AG was also involved in 2015 in the largest retail transaction on the local market, the sale of Auchan Titan Shopping Center and in 2016 in the sales of Phoenix Tower, an office building with total surface of 10,000 m2, in the Central-Eastern part of Bucharest, close to Bucharest Mall.
AdamAmerica Europe Division, managed by Isaac Cohen Hoshen, former co-founder of Adama Holdings, has a large residential portfolio in Berlin, Frankfurt, Strasbourg and Bucharest. Having local experience, the owners have seized the opportunity to enter again on the Romanian market through the acqusition on valuable assets, Phoenix Tower and Construdava, but also to develop new residential projects, such as Reveria project in Eastern side of Bucharest. For the next years, the target of AdamAmerica Europe is to increase and extend the office portfolio.