Portland Trust and Ares Mangement said they struck a deal with Lion’s Head Investments for the sale of Bucharest-based office project Oregon Park for an undisclosed sum.
The office park comprises three office buildings located in northern Bucharest. The first two are fully leased, while the third one is currently under construction. Once completed, the whole complex will cover around 70,000 square meters of leasable space.
The deal marks the entry of Lion’s Head on the local market. The real estate investor is focused on the Central and Eastern Europe area and has a portfolio comprising 150,000 sqm of office space worth EUR 310 million. The company is a joint-venture between South Africa’s Old Mutual Property and AG Capital.
The completion of the transaction is expected for June 2018.
Law firm Kinstellar worked for the buyer, while law firm Peli Filip and real estate consultancy Knight Frank advised the seller.
Portland Trust, with operations in the Czech Republic and Bucharest, has completed over 600,000 sqm of net leasable space of new buildings with approximately 100,000 sqm net of new office space currently under construction in 2018.