10m-euro deal with office building in Piata Romana area

Bluehouse Capital real estate investment company, which owns several office buildings, as well as retail space and plots of land in Bucharest, is about to take over Astoria Center office building of downtown Bucharest, a building developed by Romanian-American businessman Nicholas Abaco.
“The value of the deal tops 10m euros,” real estate sources told ZF. The building, located on Dionisie Lupu street near Piata Romana, has a 4,500 square metre lettable area and Gazeta Sporturilor, Cosma si Asociatii and Egis pharmaceutical group among its tenants.
The building was completed in 2007, during the boom period, so that, in line with market information rents in Astoria Center revolve around 18-20 euros/square metre. Under the circumstances, the building is likely to generate annual revenues worth over 1m euros from office space and parking lot renting.
The building is part of the portfolio of Astoria Business Center SRL company, controlled by Hubner Investments and Olberg Holdings vehicles, registered in Cyprus.