First Property sells its last directly owned property in Romania

Real estate investor First Property Group is in the process of selling its only remaining directly owned office building on the Romanian market. The buyer is a company controlled by Longshield Investment Group (formerly SIF Muntenia).

The property has a market value of EUR 4.1 million. With an area of 2,845 square meters, spread over 7 floors, the building is fully leased and generates a net operating income of almost EUR 300,000 per year. The tenant of the property is accounting and consulting company Vulpoi & Toader Management (VTM).

This is the last property directly owned by First Property Group on the Romanian market. The group also has a 21.2% stake in the Fprop Cluj investment fund, which owns the Maestro Business Center office building. However, with the sale of the Bucharest office building, the fund is left without any direct assets held on this market.

Source: Profit.ro