The transaction for the America House office building in Piata Victoriei, currently owned by French investment fund AEW Europe, which bought the property in 2007 for a record-price of EUR 120 million and a yield of 5.6 percent at that time, will be closed for EUR 90 million by the end of the year.
The yields on the local office market are now around 7.5 percent and the latest suitor of America House is the global real estate division of Morgan Stanley, Morgan Stanley Real Estate Investing (MSREI).
America House was one of the first office buildings developed in Romania, and it was delivered 12 years ago, in 2006.
Last year, sources from the market said that PPF Real Estate Holding Fund, controlled by the Czech billionaire Petr Kellner, who recently bought Crystal Tower, and already owns Metropolis Center, had started due diligence to acquire the America House.
America House has a leasable surface of 27,000 sqm and is over 90 percent occupied, with tenants such as Deloitte, Ericsson, BCR, Actavis and Cisco.