Romanian businessman Dinu Patriciu and real estate company AIG Lincoln have sold The Lakeview office building in Bucharest for EUR 61.7 million to New Europe Property Investments (NEPI), according to data sent to the Bucharest Stock Exchange today.
The 25,564 sqm office building was evaluated at EUR 63.3 million and is presently fully rented at an average monthly rate of EUR 16.7/sqm. Some of its tenants include Colgate-Palmolive, Huawei, Philips, PwC, Royal Bank of Scotland and Alcon. The project was developed by Fabian, an investment fund which Patriciu took over in 2008, and AIG Lincoln.
The acquisition price includes debts to MKB Bank and the transaction is expected to the be completed by June 30.
Some of the projects investment fund NEPI owns on the Romanian market include Ploiesti Shopping City which was developed in partnership with Carrefour Property and was delivered in November last year, Pitesti Retail Park, Promenada Mall in Braila, Floreasca Business Park and Business Centre Timisoara.
Patriciu, who has investments in media, energy, real-estate, banking and IT&C, made most of his money by selling oil company Rompetrol to Kazakhstan’s state-owned energy operator KazMunaiGaz in 2008. Other real estate projects he owns in Romania include CubicCenter in Pipera, Baneasa Business Center, Cascade Offices, Floreasca Business Center, Romana Offices, the New Town residential project and several plots of land. His fortune was estimated at EUR 2.2 billion in 2011.