Telekom Romania takes out for sale real estate assets

A real estate portfolio consisting of three assets- Palatul Telefoanelor, the Tandem building and a land plot in Matei Millo, were taken out for sale by telecom operator Telekom Romania Communications, with a starting price of EUR 21.6 million.

Read a Business Review analysis on the re-branding of Cosmote and Romtelecom into Telekom Romania. 

The market value of the portfolio was established by independent evaluators.

The properties will be sold at auction, and the winner must come up with the best price offer as well as comply with several other relevant conditions.

The entities interested in participating in the auction must present a letter of guarantee and submit their offers by October 2014.

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In the case of Palatul Telefoanelor, Telekom Romania announced that it will also respect all the legal steps required by the law concerning the historical monuments.

“Our real estate strategy is in line with our goal to become the number one convergent supplier of telecom and entertainment services in Romania. This requires to focus our attention on our main activities and capitalize the assets we hold in other areas, such as the real estate portfolio,” said Andreas Grünewald, executive manager in Supply management, Telekom Romania Group.

Palatul Telefoanelor is build in art deco style, having a 1,893 square meters land and a total building footprint of 1,702 square meters.

The Tandem property spans on 5,039 square meters and a total building footprint of 2,030 square meters.

The Matei Milo plot spans on 1,783 square meters.

The entire real estate portfolio available for sale or lease is available at this link.

Otilia Haraga