Resolution Property and Zeus Capital Management have recently acquired Floreasca Park, a ca. 40,000 sqm office campus in the heart of Bucharest. The property was sold to the joint venture by a fund managed by GLL Real Estate Partners.

 Floreasca Park is Resolution’s first investment in Romania and Zeus’ fifth investment in the Bucharest real estate market, and represents the first acquisition of the joint venture between the two leading investment and asset management firms.

“Despite changing working practices, the demand for well-located, well-fitted-out offices in central business districts will continue to be a valued commodity. We are excited by the ways in which real estate continues to evolve and have a proven track record for being at the forefront of those changes. We look forward to making the acquisition of Floreasca Park the next step in our expanded presence in Romania and Central and Eastern Europe,” Scott O’Donnell, Resolution Property, commented.

“We are very pleased to conclude the acquisition of a landmark prime office building and progress with our investment program in Central East and South East Europe. This is the fifth transaction of our investment platform that is focused on prime commercial real estate properties in the region. We are confident that this market leading asset in Bucharest’s promising office market will perform exceptionally well for our investors,” Stelios Zavvos, Chairman and CEO at Zeus Capital Management added. 

The buyers were advised by Kinstellar, Knight Frank, Ernst & Young and Sentient. The acquisition was financed by Erste Bank. GLL Real Estate Partners was advised by PeliPartners, and Cushman & Wakefield Echinox, and Portland Trust as property manager.

(WBJ)