Romanian lender BCR, part of the Austrian group Erste Bank, reportedly reached an agreement to sell Bucharest Financial Plaza (BFP), a landmark office building on Calea Victoriei that served as the headquarters of defunct state lender Bancorex.

BCR took over the building together with the remaining assets of Bancorex in 2000 and has used it as its headquarters since then.

The buyer is a German investor, and the deal will be announced in early December, Economica.net reported.

BCR refused to comment but confirmed that "the sales process is going according to the necessary steps." Bucharest Financial Plaza (BFP) has a gross leasable area of ​​26,300 sqm and was valued at over EUR 45 million. The rent in the area is around EUR 14-15 per sqm, among the highest for Bucharest offices. The building's yield would thus be 7.5% - 8%.

Last year, BCR also sold its former headquarters, the Oscar Maugsch Palace in Universitatii Square. The buyer, a Luxembourg-based real estate investment vehicle, paid EUR 30 mln for the building.

(Photo: Radub85 | Dreamstime.com)

andrei@romania-insider.com