The Czechs from PPF Real Estate closed the transaction for Crystal Tower, estimated at EUR 40-50 million, on November 20. Crystal Tower was the first Romanian office building equipped with a heliport, and PPF bought it from Search Corporation.
Search Corporation is one of the leading engineering companies in Romania, providing planning, design, consulting and road and air transport infrastructure management services. It was assisted in the sale by Wolf Theiss.
”It was an honour and a privilege to work with Michael Stanciu, the owner of Search Corporation, and his dynamic and experienced team. This was a fast transaction, as both parties were committed to the deal and had every interest in reaching a win-win agreement. I am happy to have been able to contribute to this successful transaction”, stated Ileana Glodeanu, Wolf Theiss Partner and Coordinator of the Corporate / M&A team of the Bucharest office.
”I enjoyed meeting and working with representatives of PPF Real Estate. They have been very honest and fair throughout the process and I would like to think that we have developed not only a business relationship but also a friendship,” states Michael Stanciu, the owner of Search Corporation.
Crystal Tower is a class A office building located on the Iancu de Hunedoara Boulevard in Bucharest. The building has 15 floors, a height of 72 m and a surface of 24,728 sqm. It was the first private office building in Bucharest built with a heliport, and it serves as the headquarters of the Dutch banking group ING.