Green Court Bucharest is a three-building office complex located in Bucharest's new central business district. It’s Skanska’s first office project in Romania. Building C, part of Green Court Bucharest complex, is providing 16,300 sqm GLA, commissioned for use in June 2016, The office complex has received LEED Gold certification and features sustainable solutions used to both minimize the building’s environmental footprint and significantly reduce its operating costs. It is already fully leased to major tenants such as General Motors, Capgemini, ABB, Merck, Orange, Grand Thornton, and Legrand. The A-class modern office complex offers a total leasable area of 54,300 sqm.
Name of the deal
Green Court Bucharest C, Bucharest, Romania
The date of closing the deal
Q3 2017
Value of the transaction (in EUR)
EUR 38 M
Yield
confidential
Seller, plus brief information about the company
Skanska is one of the world’s leading project development and construction companies, with an almost 130-year history. In Central and Eastern Europe the company operates in 10 cities located in four key real estate markets: Poland, the Czech Republic, Romania and Hungary. This year Skanska’s commercial development business in CEE celebrates the 30th anniversary of its operations in the region. With the largest presence in CEE among office developers, the company enjoys the trust of tenants and investors, who are willing to continue working together successfully, expanding their businesses in Skanska’s other office buildings. The company provides futureproof flexible office space tailored to the needs of modern companies, meeting the highest requirements of sustainable development, which is confirmed by their LEED certification and implementation of newest solutions such as WELL standard.
Consultancy which advised Seller
CBRE acted as the exclusive agent to Skanska and PeliFilip acted as a legal advisor.
Purchaser, plus brief information about the company
Globalworth is a real estate investment company active in the SEE and CEE regions with a prime focus on Romania. The Company is internally managed by c. 70 professionals and its portfolio comprises high quality real estate investments valued at c. Euro 977.5 million at 31 December 2016, all located in Romania.
Consultancy which advised Purchaser
n/a
Financing institution
own equity
Current occupancy level
100%
Please say why this deal should be considered for the award
The Green Court Bucharest is Skanska’s first office project in Romania. After selling Building C of the complex to Globalworth, the investor has acquired development in its entirety. Three deals with one partner – the leading office investor in Romania – is a great success for Skanska. This illustrates that international players appreciate favorable yield levels in Bucharest and the availability of high-quality office products on this local market, which together allows them to make profitable investment decisions. The transaction between Skanska and Globalworth concerning Building A was finalized in June 2015. Building B was sold in December 2015. Building C, providing 16,300 sqm GLA, commissioned for use in June 2016, joined the investor’s asset portfolio in June 2017.
