Developer AFI Europe has bought the myhive Victoriei office building in Bucharest, Romania, from IMMOFINANZ for around €27 million.
The office development, on Calea Victoriei is the highest building in the center of Bucharest and has around 31,000 square meters of usable space.
Myhive Victoriei refurbishment
The property is currently vacant for a complete refurbishment. A building permit for the conversion to a Class A property will be transferred to the buyer.
The refurbished property will offer flexible office spaces, attractive common areas, and additional facilities and services. These include conference rooms, lounge areas, and also social events for tenants. The concept focuses on creating an environment that promotes employee productivity and well-being.
Doron Klein, Deputy CEO AFI Europe & CEO AFI Europe Romania and Czech Republic, says, “The acquisition of the myhive Victoriei building is in line with our development strategy in Romania. As a long-term partner for the business community, known for developing high end projects that bring added value to the community and the local economy, our goal is to transform this iconic property into a modern, A-Class mixed-use project that meets the highest standards of quality. A sustainable building, complying with ESG requirements, creating a work and leisure destination in the heart of Bucharest.”
Radka Doehring, member of the Executive Board of IMMOFINANZ, says, “The successful sale of the office development in Bucharest shows that we are consistently implementing our focused portfolio strategy even in a challenging market environment. We will reinvest the proceeds from the sale in value-creating purchases of higher-yielding properties in our core markets.”
Colliers and Cushman & Wakefield Echinox brokered the transaction.
Anca Merdescu, Director Investment & Debt Advisory at Colliers, says, “Beyond the transactional aspects, this investment represents a unique opportunity to revive a building and its surroundings, transforming it from an old property to a new one with improved architectural and commercial appeal.”
