IMMOFINANZ sells office development in Bucharest

IMMOFINANZ is taking another step in its strategic portfolio optimisation by selling the myhive Victoriei office development in the old town of Bucharest for approximately EUR 27 million. The sale of the property to AFI Europe is made above its current carrying amount.

“The successful sale of the office development in Bucharest shows that we are consistently implementing our focused portfolio strategy even in a challenging market environment. We will reinvest the proceeds from the sale in value-creating purchases of higher yielding properties in our core markets,” says Radka Doehring, member of the IMMOFINANZ Executive Board.

The office complex is the highest building in the center of Bucharest with approximately 31,000 sqm of usable space. The property is currently vacant for the purpose of carrying out a complete refurbishment. The corresponding building permit for the conversion to a Class A property will be transferred to the buyer.

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