Revetas Capital disposed of the premium office park The Landmark to Vectr Holdings, through its subsidiary Vectr Realty. Vectr Realty acquired the asset from funds managed by Revetas Capital in partnership with affiliates of Cerberus Capital Management through a share deal. Terms of the transaction were not disclosed.
The Landmark, developed in 2017 offers 23,700m2 of state-of-the-art offices in the capital’s Central Business District (CBD), strategically placed between Piata Victoriei and Piata Romana and benefits from excellent public transportation links. The office park holds BREEAM Very Good New Construction certification and major companies such as UiPath, Total Energies, Wolf Theiss, Premier Energy, and Systematic, are among its main tenants.
Eric Assimakopoulos, Founding Partner at Revetas, said, “This transaction serves as another validation of Revetas’ value creation strategy to constantly improve the experience that corporate office users have within the modern office. Key ESG improvements, common area upgrades and bringing in amenities to serve the complex, its tenants and the local community have secured The Landmark as the prime office address in Bucharest. Revetas’ rigorous commitment to quality and the experience within the community is a major factor in driving demand for high-quality offices in a market where offices across Europe struggle to find liquidity. I want to thank the highly committed team at Revetas and our Partners at Cerberus for their hard work and trust.”
Oana Partenie, Director-Portfolio Management at Revetas, added: “Revetas has effectively fulfilled its investment mandate through a wide range of asset management initiatives which translated into achieving full occupancy of the scheme, securing long-term leases with reputable domestic and international companies in a competitive office market shaped by post-Covid transformations. This transaction highlights the robust demand and accessibility of capital for fully occupied office parks with solid foundations in the CEE region.”
Vectr Realty was advised by the legal team of RTPR and the advisory team of KPMG, while the seller was assisted by the law firm Wolf Theiss. Colliers acted as sale side advisor.
Image provided by Revetas Capital.
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