Fabian takes over office building for 5m euros

British investment fund Fabian Romanian Property took over the Evo Center One office building, developed by Adama, through a sale and leaseback transaction worth 4.9 million euros, announced Adama representatives. About a month ago, the Brits acquired an office project, Cubic Centre, which is currently under development in the Pipera area, for 60 million euros, their biggest investment conducted by Fabian on the local market. Evo Center One has an approximately 3,000 square-metre surface area and is one of the first projects to be developed by Adama on the local market. This is a sale and leaseback transaction; therefore Adama will be the main tenant of the building sold to Fabian, the company also announced. Evo Center One, located on Iancu Nicolae Street, in the Northern part of Bucharest, is a five-storey building with a 30-spot underground car park. Adama has total ongoing projects worth over one billion euros, in various stages of development. The projects entail the construction of over 10,000 flats, as well as commercial areas and offices covering 75,000 square metres.