In the news this week…….
Real Estate agency White Mountain Property brokered the sale of the nine-storey building on Nicolae Caramfil Street, known as ART Business Center which includes Ponderas Academic Hospital, Intesa San Paolo, Samsung and other tenants, and was bought by Hili Properties for 30.65 million euros.
The ART Business Center building was sold by architect/ property developer, Ion Chirescu, of Art Group design and construction company. Ion Chirescu also sold at the beginning of the Bucharest Real Estate crisis, the Buzeşti Business Center, near Victoria Capital Square, in an estimated 20 million euros transaction, whose occupants include the Embassy of Ireland.
The ART Business Center has nine floors, 18,600 leasable square meters and a footprint of 3,400 square meters with 3 underground floors having 407 parking spaces. Additionally, there is potential to develop an additional top floor for expansion of the hospital or a heliport.
Currently ART Business Center is 100% leased, with the main tenant being Ponderas Academic Hospital, recently taken over by the Private Health Network “Regina Maria”, the second largest group of private clinics in Romania, who have made significant investment in this building to meet its client needs.
Intesa San Paolo Bank is the second largest tenant of the ART Business Center, headquartered in the building. Bet Active Concept, Kinetic Sport Medicine, Daas Impex, Topanel and Samsung also occupy space in the ART Business Center.
“The ART Business Center not only adds significant value to our portfolio, valued at almost € 100 million, but also extends its footprint on Romania,” said Margrith Lutschg Emmenegger, Hili Properties Chair and Chief Executive Officer. Damian Galvin added “this acquisition is a world-class investment both in terms of ROI as well as long term stability and growth, combining the strong growth of the healthcare sector with the well-priced real estate that is found in Romania, demonstrating perfectly why Bucharest is currently one of the very best capital cities to invest both within the EU and globally.
White Mountain Property, founded in Brasov in 2007, serves a diverse range of clients from residential to commercial investors, owners, tenants and developers both nationally and internationally with offices in Bucharest, Brasov and the UK. Managing Director, Damian Galvin was formerly a Principal Engineering Manager at car maker Aston Martin Ltd before establishing White Mountain Property in Romania. Business partner, Doina Constantinescu formerly worked as a Broker/Owner for ReMax Romania.