Bancpost HQ bought for 24m euros

The British real estate investment fund European Convergence Property PLL acquired the office building PGV Tower, housing Bancpost”s headquarters through a 24-million euro transaction. The deal was completed at the beginning of this week, and was brokered by the investment firm Capital Partners, controlled by three ex-bankers: Doru Lionachescu (former deputy chief executive at Bancpost), Andrei Diaconescu and Victor Capitanu. This is the first investment on the Romanian market for the British real estate fund, managed by Charlemagne Capital. European Convergence Property Company PLL (ECPC) prepares investments amounting to another 60 million euros in the near future. The PGV Tower building, houses the headquarters of Bancpost, and the offices of other entities controlled by the Greek banking group EFG Eurobank, as well as of other multinational companies. Prior to the transaction the building belonged to a group of Greek real estate investors. According to an announcement made by the ECPC, the British fund will borrow about 70% of the sum needed to pay the acquisition price. ZF