Patriciu to enter top five of office space owners in Bucharest

Businessman Dinu Patriciu, who bought British investment fund Fabian at the beginning of this year, could in the next few days become one of the top-ranking office space owners in Bucharest, once the Cubic Center, 27,400 square-metre building in the Pipera area is completed. Fabian signed a forward-purchase contract as early as two years ago, providing for a full takeover of the building when completed, in a deal then expected to be worth 60 million euros. The building is almost completed, with the last interior finishing works being carried out at present, but the number of tenants is quite low, according to representatives of Expert Roinvest, the project’s developer. As a result of the low occupancy rate upon delivery, and the lower rent than originally expected, the value of the transaction could be significantly less than 60 million euros.