”After more than an year of negotiations and financial analysis, Adval succeeded in restructuring and transferring the Cubic Center Office building in Pipera to Alpha Bank Romania and to maintain the building manager role”, a release of Adval Asset Management, the administrator of the former businessman’s real estate portfolio shows.
The office building has a rentable area of 27,000 sq. m and was financed with EUR 31 million by Alpha Bank. According to data available in the market, the building is not very appealing to tenants due to its position (Pipera Road), despite that the asked rent is well below the market’s average, being the less performing asset in Adval’s portfolio.
”On December 8, 2015, the subsidiaries of Alpha Bank, AGI-RRE Arsinoe Ltd and AGI-RRE Cleopatra Ltd took over 100 pct. of the shares of Cubic Center Development S.A in Romania”, a release of Alpha Bank shows.
Adval Asset Management was founded by people close to Dinu Patriciu (David Hayward and Ioana Momiceanu) and manages the real estate assets portfolio owned by Patriciu family, including the office buildings Romana Offices, Cascade Offices, Banu Antonache, Băneasa Center, Cubic Center and the residential projects New Town Residence and Berthlot Villa.
Adval succeeded last year the refinance the building Romana Offices, fully let, situated in Romania Square in Bucharest. The financing is EUR 3 million, obtained from Libra Internet Bank. (source: profit.ro)
