Dorinel Umbrarescu finished a transaction last week for a building bought from Romtelecom for EUR 4.5 million. The building is located at the intersection between Stefan Cel Mare and Calea Floreasca and it was one of the most important assets in the Romtelecom portfolio with 8,000 sqm.
Umbrarescu was the only participant registered for the auction. The deal was finalized with the starting price.
The building will be renovated by the end of the year and will most likely be used as the new headquarters for the Romanian Credit and Acquistions Bank (BRCI), owned by Umbrarescu.
At the start of the year, KPMG was selected by Romtelecom to evaluate the telecom provider’s real estate portfolio made up of buildings, lands and commercial spaces throughout the country with a total area of 2 million square meters.
Dorinel Umbraescu, nicknamed “The Asphalt King” is the owner of several companies in the construction field such as UMB Spedition, Tehnostrade, Com-Axa, Drumuri, A&R, Tehno-Stone and Auto-Rom.