Skanska sells the first office building in Romania for €44 mln (RO)

Skanska announces the sale of the first building in Green Court Bucharest. The circa €44 mln transaction was signed with the real estate investment company Globalworth Real Estate Investments Ltd and the closing of the transaction is scheduled for Q2 2015.
The first building of Green Court Bucharest has a leasable area of 19,500 m² and it was officially opened at the end of October 2014. It is now 91% leased with tenants such as Schneider Electric Romania, Orange Romania, LS TRAVEL RETAIL Romania (1 Minute concept) and CORPORATE MANAGEMENT EVENTS (Best Chef). The building will be delivered fully-leased upon closing.
“Romania is a very promising market for investors looking for prime office buildings which offer the best quality and yields that are 150-200 basis points higher than in either Poland or the Czech Republic. This growing investor interest is reflected both in the numerous offers we had for Green Court Bucharest and the city's property investment volume recorded so far in 2014. According to JLL, 2014's volume stands at a post-2008 high of €809 mln. We are glad that our first transaction in the country was done with such a trustworthy partner as Globalworth Real Estate Investments Ltd., partnering Skanska for the first time in the CEE,” said Adrian Karczewicz, Transaction Director, Skanska Commercial Development Europe.
Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth Real Estate Investments commented: “We are pleased to announce the acquisition of the first building of Skanska's Green Court development project. This prestigious newly built A-class office property is strategically located in Bucharest's new central business district. It benefits from top environmental credentials and is let to top-brand tenants on long term leases. This transaction constitutes an important milestone towards achieving our objective of owning the highest quality portfolio in the Bucharest office market.”
Green Court Bucharest is the first project developed by Skanska in Romania. The project is comprised of 3 office buildings with a total leasable area of 52.000 m² and has received the LEED Gold pre-certification. Green Court Bucharest is developed using ecologic technologies and sustainable solutions such as an energy efficient façade which reduces solar heat gains, enhanced fresh air flow rate for a healthier working environment, energy efficient lighting systems equipped with motion and intensity sensors as well as charging stations for electrical cars.
Source:SKANSKA