Cascade Group sells unfinished office block to British fund

Newsroom 18/09/2007 | 16:40

The co-owners of the building will see it immediately after completion, 20 months after receiving construction permits. Cascade Euro Tower will have 18 floors above ground and five underground floors
van Breeman had previously sold another office building, Cascade Business Center, to British investment fund Fabian. Charlemagne Capital UK also manages European Convergence Property Company (EPCP), which owns PGV Tower, Construdava and the Millenium Business Center, in which it has invested around EUR 87 million. EDPC also owns a stake in the Asmita Towers residential project. EDPC raised EUR 30 million in September last year, of which it has invested EUR 23 million so far.
The three office buildings owned by EPCP in Romania were evaluated at some EUR 97.5 million at the end of January. The fund reported at the end of last year EUR 1.28 million in net revenues from renting them. Its portfolio also includes commercial, retail and industrial properties in different states in Central and Eastern Europe.

Corina Saceanu

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