Austrian investment fund Europolis, which took over the firsttwo office buildings erected by Ion Radulea within the Sema Parcproject in Bucharest for more than 100 million euros, got an about60 million-euro loan to refinance this investment, one of the fewloans granted by banks to real estate investors at this time.
"Yesterday (Tuesday i.e.) we signed with Erste the deal torefinance the investment made in buying the offices in the SemaParc project. We got this loan, which accounts for 60% of the totalinvestment, because we have had a long working relationship withErste. However, I wouldn't say it was easy, like making a phonecall and solving everything with that," Helmut Neubauer, managingdirector of Europolis Real Estate Asset Management, part of theVolksbank group, told ZF.
The two office buildings, named River Place and River View Placeafter the acquisition, have a 46,000 square metre lettable area andmake up one of the biggest business parks in Bucharest, close tothe Semanatoarea underground station.
At the same time, the deal whereby the Austrians at Europolis tookover the offices from businessman Ion Radulea is one of the biggeston the market.
"The deal was completed at the end of March, when we took over thelast stake, 41.5% and we paid the rest of the money, approximately25 million euros. The total value of the deal exceeded 100 millioneuros, considering the fact that we took over the loans taken forthe building process," Neubauer added.
The buildings are rented in full, with tenants including Romsoft,Pagini Aurii and mobile telephony operator Zapp, acquired byCosmote this year.
"The buildings remain fully rented because rents are decent, about14-15 euros/square metre per month. Although it is a very goodproject, we had to market the location with a lower level of rentbecause it is the first major conversion of an industrial spaceinto an office project," the Europolis official says.
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