The sale mandate includes three separate buildings: two office buildings (a new Class A office building, next to a renovated historic building) and a gym with pool, but excludes the residential part. Record Park is located in the center of Cluj-Napoca, in the immediate vicinity of The Office project, acquired last year by Dedeman in exchange for 130 million euros.
The total rentable area will reach 14,263 square meters, 207 underground parking spaces and 291 square meters of underground storage space.
“The average duration until the expiration of the rental contracts is more than 5 years (without termination options before the expiration) while the estimated net income for the whole rented property is more than EUR 2.7 million per year. The transaction will involve the sale of the shares owned by the developer (and not the individual sale of the assets), all 3 buildings being owned by the same company ”, said Valentin Lupu, Associate Director Capital Markets, Knight Frank Romania.
Apart from the sports center, which is already completed and operational as of June 2019, the other two buildings are expected to be delivered in the second half of 2020. The residential units will be delivered simultaneously with the above mentioned office buildings, but they are not the subject of this sales mandate.
While the property is already pre-leased 84%, the remaining office space, about 2,500 sqm, will be rented until delivery. Specifically, the sports center is rented by World Class (2,090 sqm), the renovated historic building is rented by the restaurant operator, Stradale, and the co-working space operator, Stables, and the new office building has two tenants. : MHP Consulting (5,349 sqm) and Yardi (3,450 sqm). (source: forbes.ro)
