Business Forum • 23 August, 2024 at 10:36 AM
Deloitte Romania assisted the real estate developer AFI Europe in the acquisition of the Bucharest Financial Plaza office building from Immofinanz group. The transaction has an estimated value of approximately €27 million and was recently signed.
The Bucharest Financial Plaza building, whose construction was completed in 1998, is located on Calea Victoriei, close to kilometer 0, has a built area of over 38,700 square meters and is about to undergo a complete renovation, at the end of which it will become a class A property, aligned to ESG standards, which will provide office spaces, as well as retail and leisure spaces.
"We are delighted to transform this new building in the AFI Europe portfolio into a mixed-use project, aligned to the highest sustainability standards, right in the heart of the Capital. We thank the Deloitte team for advising on this transaction during the valuation and the due diligence stages," said Laura Croitoru, Chief Financial Officer, AFI Europe Romania.
The Deloitte Romania team involved in the project was made of financial advisors, who ensured the financial due diligence and the valuation process, and of tax consultants, who provided specialized assistance for the Bucharest Financial Plaza asset deal, as well as in the due diligence process. From the Financial Advisory practice, Radu Dumitrescu, Partner-in-Charge, Marius Vasilescu, Partner, Vlad Balan, Director, Sorin Rugina and Alexandru Macris, Managers, Sorin Vinatoru, Senior Associate, Daniel Mircia and Razvan Cristian, Associates, contributed to the success of the transaction. From the Tax practice, Dan Badin, Alexandra Smedoiu and Raluca Baldea, Partners, Laura Bobar, Ana Petrescu-Mujdei and Iulia Bica, Senior Managers, Alexandra Gheorghe, Senior Consultant, and Stefania Samson, Consultant, were involved in the project.
"AFI Europe continues the process of expanding its office portfolio on the local market and, after taking over in 2019 a portfolio of four office buildings located in Bucharest and Timisoara, which was considered at that time the largest transaction in the history of the local office market, now also acquires one of the most emblematic buildings in Bucharest. We are delighted to have been able to assist AFI Europe in a transaction involving one of Bucharest's historical landmarks and thus contribute to reshaping the capital's urban landscape," said Radu Dumitrescu, Financial Advisory Partner-in-Charge, Deloitte Romania.
AFI Europe is part of AFI Properties, one of the leading real estate development, management and investment companies in Central and Eastern Europe. The group has been operating since 1997 and is active in Bulgaria, Czech Republic, Latvia, Poland, Romania and Serbia. In our country, AFI Europe's portfolio includes shopping centers in Arad, Brasov, Bucharest and Ploiesti, office buildings in Brasov, Bucharest and Timisoara, as well as residential projects in Bucharest.