BCR to sell former Bucharest HQ to Arab investor

BCR to sell former Bucharest HQ to Arab investor

Published at: 2019-10-21 09:56 | Author: CIJ Romania
An Arab investor is poised to become the new owner of Banca Comerciala Romana’s former headquarters in downtown Bucharest, according to profit.ro. The bank put the “Generala” Insurance Society Palace on University Square, on the market last spring with a starting price of more than €20m. JLL was hired to broker the sale. Andrei Vacaru, head of capital markets at JLL Romania said that BCR is currently in the due diligence stage, and the 16,000 sqm class A property, which was completed in 1906, will likely sell by the end of the year. The potential new owner, whose name was not disclosed, wants to renovate the historic palace into a hotel, Vacaru said.

Similar Stories:

AFI close to finalizing €300m office deal with NEPI
AFI Europe Romania is poised to take over four office buildings in Bucharest and Timisoara  »
OPTIM PM nominated for Best Project Manager at CIJ Awards Romania 2019
OPTIM PM has been nominated to compete in the Best Project Manager at the CIJ Awards Roman  »
CIJ Awards Gala Romania, only one month away
Romania’s real estate market annual awards ceremony, CIJ Awards Gala, now in its 12th ye  »
One United to build new mixed-use scheme in northern Bucharest
One United Properties is planning to develop a mixed-use project along Barbu Vacarescu bou  »
Czech Republic  ♦  Hainc : Prague needs density
CIJ: In 2016, the Metropolitan plan was in chaos. The head of the plan had been fired and   »
And it’s not just shift workers to man the machines and assembly lines and to stack good   »
Czech Republic  ♦  It‘s Prague 4 vs. The World
Prague 4 appears to have done away with formalities and diplomatic language and made it cl   »
This reflected economic and political reality, as the country is being pulled in differing   »