24m-euro Fabian acquisitions on office market

Property investment fund Fabian Capital Property Fund has recently acquired two Class A office buildings on the Bucharest market, with the two deals being estimated at approximately 24 million euros together.

“We bought the Cascade Office Building in November last year and bought the second office building in January this year, the Banu Antonache Office,” Fabian Capital officials told ZIARUL FINANCIAR.

They would not make any other comment on the value of the deal, which some sources on the realty market put at approximately 12 million euros for each of the two buildings.

Cascade Office Building was developed by Cascade Group, a company held by Dutch investment fund East & Central European Venture Capital and entailed an about 8 million-euro investment.

The office building has a 4,300 square metre usable area and is located close to Piata Victoriei in the Capital. The tenant list includes ProCredit, Aviva, HBO and Rompetrol.

The office building on the Banu Antonache Street, known as Floreasca 2 Business Center on the real estate market, was completed this month, and was developed by the Romulex company backed by Israeli investors, according to information on the market.

Some of the investors were also involved in another office development in the area, the Floreasca Business Center, sold for 5 million euros to Italian Nusco Group at the end of 2004.

Contacted by ZIARUL FINANCIAR, the representatives of the Cascade Offices and Floreasca 2 Business Center had not made any comments by the time the story was ready for print.

“The first deal, Cascade Offices was conducted directly by us, whereas in the case of the second we had DTZ Echinox real estate company as consultants,” Fabian Capital officials say.

Fabian Romania Property Fund is a real estate fund established last spring, whose purpose is to invest on the local property market, especially on the commercial developments segment.