Romanian real estate developer Speedwell, controlled and managed by Belgian investors Didier Balcaen and Jan Demeyere, has mandated consultancy firm Knight Frank to sell the office buildings and sport center in Record Park, a mixed-use project (office, sport center & residential) situated in central Cluj-Napoca, next to Dedeman’s The Office.

The sale mandate includes three separate buildings: two office buildings - a new A-class office building next to a renovated historical building of the former imperial stables - and a new stand-alone sport center with a pool.

The buildings have a total rentable area of 14,263 sqm, 207 underground parking spaces, and 291 sqm of underground storages.

“The property has an unexpired lease term of more than 5 years, without break options, and an estimated annual NOI (net operating income) in excess of EUR 2.7 mln when fully leased. Transaction is likely to be structured as a share deal with all three buildings owned by the same company,” said Valentin Lupu, Associate Director Capital Markets Division, Knight Frank Romania.

Considering the average yield for office projects in Cluj-Napoca is around 8% per year, the value of this transaction could reach over EUR 30 million.

Besides the sport center which is already completed and functional since June 2019, the other two buildings are expected to be delivered in the second half of 2020.

The residential units will be delivered simultaneously with the office buildings but will not be subject to this transaction.

The property on sale has already reached a pre-lease of 84%, and the remaining 2,500 sqm of offices will be rented by the completion of the project.

The sport center is fully occupied by World Class (2,090 sqm).

 The renovated historical building is leased by restaurant operator Stradale and the co-working operator Stables.

The new office building has two anchor tenants: MHP Consulting (5,349 sqm) and Yardi (3,450 sqm).

(Photo courtesy of Knight Frank)

editor@romania-insider.com