Atenor has initiated preliminary discussions for the sale of the @Expo office complex in Bucharest to a European investor who is not yet present on the local real estate market, in a transaction that can be valued at around EUR 120 million.

Last year, Atenor managed to attract another new name to the Romanian real estate market. The Hungarian investment fund Adventum entered Romania by acquiring the Hermes Business Campus office complex from Atenor, a transaction valued at EUR 150 million, the largest completed last year.

@Expo consists of 3 office buildings with a leasable area of 54,700 sqm. The first two buildings, with an area of about 20,000 sqm, have been delivered and have an occupancy rate of 50 percent.

“As a rule, we tend to sell when the property is physically completed. However, we need to complete the tower, because the project as a whole is more interesting to the majority of investors, rather than to some of them. Another problem is that, in Bucharest, local authorities have become somewhat inefficient and slow. Even the reception of a property, which should be a quick administrative act, can take longer and, therefore, this makes the sale process much less likely,” said Sven Lemmes, Executive Officer for Romania, Poland and Germany within Atenor.

Source: Profit.ro