CBRE, the leader of the real estate consultancy market, advised S IMMO in the signing of Campus 6.2 and Campus 6.3 office buildings developed by Skanska in the Center-West submarket of Bucharest. The transaction volume is approximately EUR 97 mln.
CBRE supported S IMMO by rendering commercial due diligence support for this landmark transaction. Campus 6.2 and 6.3 are phase 2 of the Campus 6 office complex, located in the Center-West area of Bucharest, in the proximity of the Politehnica University.
“Campus 6.2 and 6.3 are a first-class addition to our portfolio in Bucharest. We are absolutely convinced that the office market in the Romanian capital will continue to grow strongly following a slight, pandemic-related stagnation. Once completed, the two properties will add long-term value to S IMMO’s CEE portfolio and will deliver positive contributions to earnings,” said Friedrich Wachernig, member of S IMMO AG’s Management Board, expressing his satisfaction with the acquisitions.
The two buildings have a rentable area of nearly 38,000 square meters and 463 parking spaces. Currently, 99% of the buildings are leased by reputable companies such as Microsoft and Société Générale European Business Services.
“The volume of this transaction, the fact that it is structured as a forward purchase as well as the institutional profile of the buyer, all make this an important milestone for the Romanian investment market”, explains Gijs Klomp, Head of the Investment Properties, CBRE Romania.
Campus 6.3 has already been delivered in October 2020, and Campus 6.2 is due to be completed in the first quarter of 2021.
“I would like to emphasize that this transaction was signed at the beginning of December, disregarding the current Covid-19 pandemic, which underpins the broad consensus that such turmoil is of a temporary nature”, says Razvan Iorgu, Managing Director, CBRE Romania.
The new buildings acquired by S IMMO, Campus 6.2 and 6.3, increase the office portfolio of S IMMO in Romania to over 73,000 sqm of GLA, together with the existing office buildings, The Mark and Sun Plaza Offices.
At the end of this year’s first nine months, the total investment volume in Romania accounts for EUR 521.4* mln (*including GTC shares transaction), with office buildings as the most traded sector, accounting for 90% of the total national transaction volume, according to the CBRE Research data. At the end of the third quarter of 2020, prime yields remain stable for the office and industrial segments.
CBRE Romania extended its local management team in 2019, by recruiting Gijs Klomp as Head of Investment Properties. Gijs has over 18 years of experience in real estate and has been involved in procurement transactions with a cumulative value of over EUR 2 bln. in Central and Eastern Europe.