Fabian buys Baneasa Business Center for 24m euros

British investment fund Fabian Romanian Property took over the Baneasa Business Center office building in the North of Bucharest, developed by Austrian company Immoconsult Leasinggesellschaft, for 23.9 million euros, making it the third transaction in the past month for the British fund. Last week, Fabian closed an 8 million-euro agreement to acquire a project conducted by Hil Construct, to erect an office building on Dacia Blvd in Bucharest. A further transaction, which involved the investment fund, was the acquisition, for 4.9 million euros, of the Evocenter office building in the Pipera-Voluntari area in Bucharest, constructed by the real estate developer Adama. Baneasa Business Center has a lettable area of 9,600 square metres and is exclusively for rent to potential clients and hopes to derive estimated revenues of 1.85 million euros each year. The centre’s leading tenants include the international companies Wrigley, Colgate, Fresenius, Cargill and Volksbank. The acquisition of the building was 80% funded by Immoconsult’s parent company, Investkredit.