According to the sources in the market, the investment fund paid for the asset about 25-30 million euros.
The Romanian Commercial Bank (BCR) has concluded the transfer of ownership of the historic Oscar Maugsch Palace from University Square to Project Regina Elisabeta Bucharest SRL, a real estate investment company based in Luxembourg, specialized in hotel assets and office buildings on certain European markets. Regina Elisabeta Bucharest SRL is 99% owned by Volemco Holdings LTD of Cyprus and Brellendra Limited all of Cyprus, with 1%.
The building was developed in the early twentieth century and consists of two wings - University and Toma Caragiu - with a total area of almost 17,000 square meters.
As part of the purchase contract, BCR has signed a temporary lease for the space in which the bank currently operates one of its branches.
JLL was the exclusive broker of BCR for this transaction, while Special Properties was the exclusive broker for the buyer. (source: zf.ro)
