Cerberus JV Acquires Bucharest Office Campus
- Nov 13, 2018
Revetas Capital Advisors and Cerberus Capital Management have acquired the Landmark, a newly built office campus in Bucharest, Romania. The roughly 250,000-square-foot complex is occupied with long-term tenants and offers retail space.
Situated in the northern part of the city, the 7-story Landmark is the only office complex of its size in the heart of Bucharest that offers institutional grade specifications and flexible floor plates. This is the second property jointly acquired by Revetas and New York-based Cerberus in Romania. In December 2017, the joint venture acquired Project Nemo, a hotel complex in Bucharest that includes the Radisson Blue and Park Inn hotels, totaling nearly 700 keys.
“We continue to see strong growth trends in Romania and are excited to have the opportunity to add another attractive property to our portfolio,” said Lee Millstein, president of Cerberus Global Investments & global head of real estate for Cerberu, in prepared remarks. “We look forward to extending our partnership with Revetas and leveraging our collective operational and capital expertise to drive value for both our Project Marina and Project Nemo properties.”
Central and Eastern Europe’s (CEE) office market has seen strong growth since 2004, when several countries in the region joined the European Union, with Romania among them. Since then, CEE has been the fastest growing region in the EU. In 2017, net absorption in CEE totaled 15 million square feet.
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