The building is rented by Enel through a long-term contract that allowed the seller to obtain an investment yield of less than 7%, a premiere for the post-crisis real estate market, according to Profit.ro.
Day Tower is a class A office building completed in the end of 2018 and is situated in the proximity of the historical center of Bucharest.
The investor, at its first investment in Romania, was assisted by Savills, while the developer was represented by Crosspoint Real Estate.
"This is our client's first investment in Bucharest, expected to be one of the first ten European markets with the fastest development for the next five years. This follows a trend of increasing international capital that we have witnessed, targeting the "prime" yields available in Central and Eastern European markets", says Chris Gillum, Head of Offices, Regional Investment Advisory EMEA at Savills.
"The transaction will increase the confidence of other investors and developers in the positive premises of the real estate market in Bucharest. The compression of prime yields in the office buildings we have observed in recent years, as well as the diversification of capital will most likely result in an increase in liquidity and, subsequently, a repositioning of the Romanian market, as a destination that can no longer be ignored by great investment funds", said Codrin Matei, Managing Partner, Crosspoint Real Estate. (source: profit.ro)
