America House, a 70-80m-euro deal

The America House office building in the capital city, currently one of the most sought after projects by real estate investment funds, could have a market value of over 70-80 million euros, given the annual yields of 8%-9% in euros seen on the real estate market at the moment. The sale of America House, which is to take place this year, according to estimates by real estate agents, could, under the circumstances, be the biggest transaction on the local real estate market so far. This calculation is based on the current net revenue derived from the rental of office spaces, standing at some 6.5 million euros, according to officials of the developer Globe Trade Centre (GTC) Romania, quoted by Mediafax. America House is the second project developed by GTC Romania, the company that handled the construction and sale of the Europe House office building in the capital for 25 million euros in 2003. ZF