CMS has advised Erste Group Bank AG on the financing of the acquisition of the Floreasca Park Office Project by a joint venture between Resolution Property, a UK-based member of the Fosun Group – a major Chinese conglomerate and investment company, and Zeus Capital Management, a leading international real estate investment and asset management firm. The seller was the leading German real estate investment fund GLL Real Estate Partners.
Floreasca Park, located in northern Bucharest and consisting of two class A office buildings totaling approximately 38,000 sqm (GLA), is one of the most prominent office buildings in the capital. The acquisition was valued at approximately EUR 100m and is one of the largest to have closed in Romania since the beginning of Covid-19 crisis.
Ana Radnev, CMS Finance partner, comments: “We are delighted to have advised Erste Group Bank AG on the financing of this deal. The prominence of the transaction highlights the ongoing interest from investors in the Romanian office market and the outlook for investment in Romania and Central and Eastern Europe is looking increasingly optimistic. CMS has successfully acted on a number of similar transactions this year, and is well placed to support our clients on complex and cross-border deals.”
The CMS team was led by Finance partner Ana Radnev and Real Estate partner Roxana Fratila. The wider team included Alexandra Pop, Andreea Armanu and Loredana Barbu (all Finance) and Alexandru Dumitrescu and Alexandru Trandafir (both Real Estate).