Corporate Finance House Group (“CFH”), a Middle Eastern investor, has acquired the holding structure owning Day Tower office building in Bucharest, developed by Dimitris Mourkakos of Day Group and completed end of 2018.
The Investor was advised by Savills on its first investment in the country; the developer was assisted by Crosspoint Real Estate.
Day Tower is a brand new, grade A office building, close to the historic centre of the city, in the immediate vicinity of the National Library of Romania and Bucharest City Courthouse, and close to the Palace of Parliament Building, the second largest administrative building in the world after the Pentagon. The building hosts under a long-term agreement the country headquarters of Enel, a global leader in the energy sector.
The building has been certified with a BREEAM rating of “Excellent”.
“This is our client’s first investment in Bucharest, predicted to be one of the top ten fastest growing European cities over the next five years. This follows an increasing trend we have witnessed in the market, of international capital targeting the yield premiums available in the CEE markets. Day Tower is a high-quality asset in the central area of the city which is well let and will undoubtedly benefit as the district continues to develop,” says Chris Gillum, Head of Offices, Savills Regional Investment Advisory EMEA.
“This transaction marks the entry into a new stage of development for the investment market in Romania. The transaction will further increase other investors and developers’ confidence in the positive fundamentals in Bucharest,” points out Codrin Matei, Managing Partner at Crosspoint Real Estate.
Founded in 2005, Crosspoint Real Estate offers transactional advice and real estate consultancy, as well as financial solutions needed by international investors for all types of office, retail, industrial, land, hospitality, residential and mixed-use properties.
Crosspoint Real Estate is the international associate of Savills in Romania, one of the world’s largest real estate advisory companies, established in 1855, with over GBP 1.76 billion in revenues for 2018.