Real estate deals worth €800 mln in nine months

Large companies such as Immoeast, Europolis, Globe Trade Center (GTC), Cefin, Teesland, Trigranit, and Sonae Sierra were involved in deals relating to the most important office, retail and industrial buildings recently developed in Romania. On the office space market, six significant deals amounted to a total of €376.8 mln.

The star remains America House, an office building located in downtown Bucharest, which GTC sold to French group Natixis for €120.3 mln.

Commercial space market had three important deals were concluded, totaling €287 mln. The largest transaction was a forward purchase deal worth €185 mln (with money paid in several installments) closed between Immoeast and TriGranit developer for the takeover of a Constanta-based mall, Polus Center. Immoeast has 39 ongoing real estate projects in Romania, with investments worth €1.4 billion.

Two transactions amounting to a total €104 mln were registered on the industrial space market. British Teesland fund purchased an 800,000 sqm area from Italian developer Cefin, for €70 mln. A further 44,000 sqm of storage space and 2,200 sqm of office space were purchased by Austrian fund Europolis, in the Arad-based Cefin Logistic Park.

Yields are dropping on the local real estate market. America House was sold at a 6 percent yield. The commercial space market also has lower yields, around 6 percent, from the 7-8 percent yields registered last year. The industrial space market is the only one with yields up to 8 percent in the Bucharest area.