Bucharest, March 16th, 2016 – Aberdeen Asset Management Deutschaland AG and Commerzbank signed a sale agreement of Phoenix Tower building in Bucharest to Adamamerica.
Phoenix Tower is an office building with total surface of 10,000 m2, in the Central-Eastern part of Bucharest, in Vitan neighbourhood, close to Bucharest Mall. The building has great visibility and accessibility, and has great technical features following the refurbishment process performed in 2011. Phoenix Tower has 80% occupancy rate, and the tenants are mostly IT companies: Zitec, Netop, EBS, but also Bancpost and Kwizda.
The transaction has been advised by Colliers International and Cameron McKenna Romania law firm, as seller’s consultants. Adamamerica has been represented in this transaction by Biris Goran law firm, namely by Victor Constantinescu and Tudor Stanciu.
Simina Niculita, Associate Director within Colliers International believes that “The comeback on the Romanian market of Adama founders is an extra vote of confidence for the local real estate market. The sale of Phoenix Tower shows the interest for medium sized office buildings, supported especially by easier access to financing”.
In Romania, invstments fund Aberdeen Asset Management Deutschalnd AG was involved last year in the largest retail transaction on the local market, the sale of Auchan Titan Shopping Center. Colliers International was the advisor of Aberdeen in this transaction, worth Euro 86 million.
Adamamerica, managed by Isaac Cohen-Hoshen, former co-founder of Adama Holdings, is active in develping residential projects in New York, USA, having more than 1,000 units already delivered sau still under construction. Having local experience, the owners have seized the opportunity to enter again on the Romanian market through the acqusition on a valuable asset, but also to develop new residential projects, such as Reveria projects in Eastern side of Bucharest.