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Cathedaral Plaza could be sold to a British investment fund

The office building Cathedral Plaza in Bucharest could be sold for 70 million euro to a British investment fund, the trading being signed by the end of the year if all conditions are met regarding the rent yield and the covering degree.

« We have received from a British fund an attractive offer for this period on the real estate. We signed a selling-buying pre-contract which will be finalised only if we meet some conditions. These criteria refer to a certain period when we have to rent the building and with a certain rate of profit, corresponding to the level of rent » Daiana Voicu, manager Willbrook International, the company dealing with the development and management of the building said to MEDIAFAX.

The owner of the building, is Millennium Building Development, controlled by the American investment fund Miller Global, through a vehicle from Cyprus. Cathedral Plaza is placed near the Saint Joseph Cathedral in Bucharest and is the object of some dispute at the tribunal with the Romano-Catholic Church of Bucharest. The investment in the building is of approximately 45 million euro.

« The trading has to be finalised by the end of the year, period in which we have to meet the performance criteria established in the pre-contract. The British fund is a client of Willbrook International and has other investments in Romania » Voicu said.

She mentioned that the company has already started discussions with some renting contracts, but showed that the scandal with the Catholic church has made it difficult to negotiate with potential lodgers and with other possible investors interested in buying the building.

« We have lost 25 million euro due to the problems with the church, but we will get it back in the tribunal » Voicu said.

Cathedral Plaza has 19 levels and a built surface of almost 25,000 square metres, out of which 15,000 square metres rentable. Willbrook International, set up in the UK, ensures professional real estate services for persons and companies. Starting with 1998 the company developped residential buildings, office buildings, commercial and industrial buildings in Romania, the Czech Republic, Latvia, Georgia, Bulgaria and Turkey. The company has under development in Romania the office building Platinum Business and Convention Centre near DN1 and finalised a residential complex in Baneasa.

Sursa: http://www.actmedia.eu

Tags: building plaza investment british euro

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