Investment and asset-management firm Solida Capital has announced the successful completion of its first office
transaction in Romania: The acquisition of the Victoria Center office building on Calea Victoriei in Bucharest from Manova Partners (formerly Macquarie).
Victoria Center possesses 8,600 square meters of gross leasable area distributed across ten floors, including a retail area on the ground floor and 92 parking spaces. Manova Partners acquired the building in 2015 for one of its multi-investor funds and was able to fully execute the original ten-year business plan.
The purchase price was not disclosed.
According to a Solida press release, “this transaction not only marks Solida Capital’s entry into Romania but also sets the stage for further investments in the CEE region, a strategic area for the firm’s long-term growth. Through this move, Solida Capital aims to contribute to the ongoing development of the regional real estate market.”
“The completion of our first transaction in Bucharest represents an important step in the expansion of Solida Capital’s portfolio and our strategic presence in Central and Eastern Europe,” noted Solida Capital Founding Partner Jean Aboumrad. “We are confident that this market holds substantial opportunities for growth, and we
are committed to further strengthening our footprint in the region while also creating significant value for our investors.”
“While our second exit in this market once again highlights available liquidity for high-quality assets in Romania,” explained Florian Winkle, Co-CEO at Manova Partners, “we also remain committed to Bucharest, where we still hold CDG Plaza, a landmark office building, and continue to look for attractive opportunities.”
The buyer was advised by the Kinstellar law firm, Colliers in a commercial advisory capacity, Ernst & Young for financial and tax matters, and SC Optim Project Management for technical support. Manova Partners was advised by the Peli Partners law firm, iO in commercial advisory capacity, CMS for tax & financial matters, and Sentient for technical support.
Banque Banorient France provided financing to Solida on the deal.