UniCredit Tiriac Bank has granted real estate investment fund New Europe Property Investments (NEPI) a EUR 30 million loan to refinance The Lakeview office project in Bucharest. The loan has a 5-year maturity period.
NEPI bought The Lakeview from Romanian businessman Dinu Patriciu and real estate companyAIG Lincoln in February 2013 for EUR 61.7, according to data sent to the Bucharest Stock Exchange at that time.
The 25,564 sqm office building had been evaluated at EUR 63.3 million and was at that time fully rented at an average monthly rate of EUR 16.7/sqm. Some of its tenants included 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 included debts to MKB Bank and the transaction was scheduled to 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.