America House sold for 120m euros

The America House office building, located in Bucharest’s Victoriei Square, is set to be taken over by the French company Ixis, after a record-high (120 million-euro) transaction, real estate market sources revealed to ZF. “The investment yield is approximately 5.6%. ING Real Estate was also among the bidders for the acquisition of the building,” added the same sources. GE Real Estate was another important player that displayed interest in the acquisition of the building. “GTC is a public company, and when we are ready to make an announcement, we will make it,” said Shimon Galon, manager of Globe Trade Center International, the developer and owner of the building. The transaction will be completed in approximately two months’ time. The sale of the America House building is a key transaction for the Romanian real estate market and is the first investment with a less than 6% yield, which is a level comparable to those on the mature markets of Central and Eastern Europe. According to the same sources, the 6% yield was the highest level accepted by the seller. The acquired building’s strong point is its location on Victoriei Square, in the centre of Bucharest, which is considered the business district of the Capital City.