Real estate consultancy Colliers brokered the sale of the Class A Dacia One office project, developed by ATENOR, to Paval Holding, the owner of Dedeman, the largest local DIY retailer. The value of the deal is approximately 50 million Euro.

Located in the center of Bucharest, at the crossing between Calea Victoriei and Dacia Boulevard, the Dacia One Class A office project has a leasable area of approximately 15,000 square meters and integrates the building known as Casa Cesianu, which has been completely renovated. The historic building was built in the second half of the 19th century, in eclectic style, and hosted the German Legation, opened on 1 March 1880, one of the halls of the Constantin Tănase Theater and the Victoria Casino.

“Dacia One is a unique property and a remarkable regeneration project developed by ATENOR in the historical center of Bucharest, from now in the portfolio of Paval Holding, which includes a selection of outstanding prime office properties in key locations of the cities of Bucharest and Cluj-Napoca. The fact that the transaction took place in the context of a pandemic confirms the investor’s confidence in the quality of the project and the potential of the office market and contributes to the liquidity of the local investment market. We estimate the Romanian commercial real estate transaction market to have exceeded 800 million euros in 2021, with almost half of the acquisition volume involving investors mostly associated with the Central and Eastern European region, including Romanian capital”, said Robert Miklo, Director of Investment Services at Colliers.

With the Dacia One transaction, Paval Holding marks its third acquisition of office properties, after its previous investments The Bridge in Bucharest and The Office in Cluj-Napoca. The holding’s office portfolio now exceeds 150,000 square meters of office premises.