Czech investment fund PF Real Estate, controlled by the richest man in the Czech Republic - Petr Kellner, has finalized the acquisition of the Metropolis Center office project in Bucharest. Real estate consultancy firm JLL advised PPF Real Estate on this deal, which is the fund’s first investment in Romania.

PPF Real Estate manages real estate assets worth EUR 2 billion in Russia, Czech Republic, Netherlands, Germany, and UK.

The negotiations between PPF Real Estate and Austrian group Soravia, which owned the office project, started in spring this year. The value of this deal may be close to EUR 48 million, according to market sources quoted by local M&A journal Mirsanu.ro. However, the parts involved in this deal made no announcement related to the financial terms.

Metropolis Center includes 19 sqm of office space and retail spaces and its tenants include the European Bank for Reconstruction and Development (EBRD), law firm DLA Piper, and Reckitt Benckiser.

The project, which is located on Iancu de Hunedoara Boulevard, close to the Dorobanti area and Victoriei square, has been developed on the site of the first printing house in Bcuharest, Cartea Romaneasca, dating from 1919. The developer has kept the original red brick facade.

The value of commercial real estate deals in Romania reached EUR 400 million in the first nine months of this year, and should go up to EUR 600-700 million by the end of the year, according to JLL.

editor@romania-insider.com