AEW has completed the sale of America House office building located in Piaţa Victoriei, Bucharest and Promenada Mall, the largest shopping center in Targu Mures. AEW entered Romania in 2007, by purchasing America House from Globe Trade Center (GTC), followed by Promenada Mall Targu Mures from BelRom a few months later.
The transactions mark the official entry of both incoming investors on the Romanian real estate market.
A fund advised by Morgan Stanley Real Estate Investing, a global private real estate investment management arm of Morgan Stanley with approximately £40 billion of gross real estate assets under management, in a joint venture with David Hay, former CEO of AFI Europe Romania, has purchased America House, while Indotek, a group of investment management companies owned by American and Hungarian shareholders, has acquired Promenada Mall Targu Mures.
The seller was advised by a team consisting of Clifford Chance Badea, the local office of the global law firm Clifford Chance, providing legal support, Cushman & Wakefield Echinox, who managed the sale process of America House and JLL, who co-ordinated the sale of Promenada Mall. The two deals were carried out concurrently.
America House, landmark building in Bucharest
America House is a landmark building on the Bucharest office market, the largest one in the Piaţa Victoriei area, with a rentable area of approximately 28,000 square meters. The tenant portfolio includes companies such as Schlumberger, Ţuca Zbârcea & Asociaţii, McDonald’s, the Embassy of Japan and Mastercard, also benefiting from one of the largest retail areas in an office project.
The retail spaces cover approximately 4,000 square meters and house World Class, Starbucks, McDonald’s, Cooperativa FruFru and Cărturesti units, thus providing the tenants with a wealth of amenities.
Promenada Mall Targu Mures, largest shopping center in the county
Promenada Mall Targu Mures is the largest shopping center in Mures County, in the center of Romania, with a rentable area of approximately 50,000 square meters. With more than 80 brands, 8 cinema screens, restaurants, coffee shops and other entertainment facilities, Promenada’s offer is well balanced and diversified.
It is anchored by Auchan, Leroy Merlin, Decathlon, Hervis, H&M, LC Waikiki, New Yorker, Deichmann, Takko, CCC, Pepco, Cinema City, Media Galaxy.