"A logical step would be that an investment fund acquires America House by the end of 2007. This is a very appropriate time for GTC to sell the building," Eurisko Managing Partner, Alexandra Dimofte, told Business Standard. GTC wants a direct sale, without intermediary agents.
Officials of the real estate developer did not comment on the sale of America House. "We believe that GTC tested the market last year, and because they witnessed a drop in efficiency this year, they decided to sell," said Radu Lucianu, Managing Partner of the real estate consulting agency Eurisko. In 2006, productivity on the real estate market was about seven percent, but owing to an increased offer of class A office buildings, the year 2007 started out with decreased productivity.
"There are presently ten investment funds interested in acquiring the building," added Alexandra Dimofte. Bidders include the largest real estate investment funds operating on the domestic market, such as Immoeast, Europolis, Erste's real estate leasing division Immorent, Fabian Capital, AIG/Lincoln, and ING Real Estate. The productivity of the office building at deal closing time may be below six percent.
This year witnessed the largest office building transactions in Bucharest. Fabian Romanian Property bought Cubic Center, a project developed by Kendama, for some €60 million at the beginning of the year. Another important sale was that of S-Park to Immorent for some €70-80 million.
