Morgan Stanley, close to buying America House office building in Bucharest
Morgan Stanley Real Estate Investing (MSREI), the global real estate division of US investment bank Morgan Stanley, is close to signing the acquisition of the America House office building in Bucharest’s Victoriei Square. 2018-02-09 15:56:02
The transaction's value is estimated at some 90 million Euro, according to Romania-Insider.
This transaction, which would mark the entry of a new big player on the local real estate market, would show Romania's potential and open the way for other big deals in this sector.
America House is currently owned by French investment fund AEW Europe, which bought the property in 2007, during the boom period of the local real estate market, for a record 120 million Euro. The transaction was closed at a yield of 5.6 per cent at that time. The yields on the local office market are now between 7.5% and 10 per cent.
America House has a leasable surface of 27,000 sqm and is over 90% occupied, with tenants such as Deloitte, Ericsson, BCR, Actavis and Cisco. Cushman&Wakefield Echinox manages the building's sale.
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