Skanska sells Bucharest office project to Globalworth Real Estate Investments for EUR 38 M

Press release 7/26/2017 12:00 PM CET

Skanska has sold Building C of the Green Court Bucharest office complex. Globalworth has acquired the property, thus becoming the owner of the whole three-building development. The Green Court Bucharest scheme is Skanska’s first office project in Romania.

Green Court Bucharest, C

The Green Court Bucharest – A-class modern office complex – comprises of three buildings with a total leasable area of 54,300 sqm. The transaction between Skanska and Globalworth concerning Building A was finalized in June 2015. Building B was sold in December 2015. Building C, providing 16,300 sqm GLA, commissioned for use in June 2016, now joins investor’s asset portfolio. 

“The acquisition of building C of the Green Court Bucharest project and the fact that, following its completion, Globalworth will become the sole owner of the campus is a very important step for the company. We are delighted to continue our partnership with the Swedish Group Skanska and to mark together a new milestone in reaching our mission, to offer the companies active on the local market the offices they need. The transaction is a great opportunity to take further our promise, to create modern, high-quality, sustainable spaces, located in the city’s largest and most sought-after office hub”, stated Dimitris Raptis, Deputy Chief Executive Officer and Chief Investment Officer of Globalworth.

“Three deals with one partner – the leading office investor in Romania – is a great success for us. This illustrates that international players appreciate favorable yield levels in Bucharest and the availability of high-quality office products on their local market, which altogether allowed them to make profitable investment decisions. Green Court Bucharest complex is a prestigious asset – an excellent trophy for Globalworth’s portfolio,” says Adrian Karczewicz, Head of Divestments at Skanska commercial development division in Central and Eastern Europe.

Green Court Bucharest located in Bucharest's new central business district is already fully leased, with major tenants such as General Motors, Capgemini, ABB, Merck, Orange, Grand Thornton, Legrand among others. The office complex received LEED Gold certification and features sustainable solutions used to minimize the building’s environmental footprint and significantly reduce its operating costs.

Bucharest on the rise

The local office market regained its momentum. According to reports by CBRE, the total leasing activity (TLA) for the office sector in Q4 2016 reached 144,000 sqm, which was the highest level on the quarter in Romania. The most active tenant in terms of leases is the business services sector, especially IT&C companies. There are currently over 100 BPO/SSC centers in Bucharest employing over 70,000 people.

In the transaction, Skanska was advised by CBRE, acting as the company’s exclusive agent. Acting as legal advisers were PeliFilip to the seller and Nestor Nestor Diculescu Kingston Petersen to the purchaser.