€30 mln payment for office buildings sale

The sale was agreed in 2006 and the deal was estimated at €90 million. However, the value of the buildings increased to exceed €100 mln in the meantime. „Indeed, we must pay the final slice next week for the Sema Parc buildings. I cannot reveal the value, because it is confidential, but it is close to the figure rumored on the market – €30 million. The development value is higher, exceeding €100 million,“ Europolis Managing Director for Romania, Marian Roman, told Business Standard. Ion Radulea declined to comment on the transaction or to say what he plans to do with the money. In October 2006, Europolis purchased two A class office buildings, totaling 43,000 sqm, within Sema Parc.
They represent the first stage of the project, which is developed on the former Semanatoarea factory location. Of the total 42 hectare-area, the built surface will amount to some 980,000 sqm. Parking lots will be built on a further 40,000 sqm. Sema Park’s value is estimated at €1.3 billion. Currently, the project in the second development stage of the office area – four buildings with a total 50,000 sqm for rent – and the first stage of the residential area, which includes 1,200 apartments. Radulea said that construction works for a hotel included in the project are to start by this fall. The complex initially included a mall estimated at €180 million, but the project was cancelled. However, the commercial area of the project will be maintained, as street shops will be built instead of the mall. (A.U.)