The historic Oscar Maugsch Palace in Bucharest’s University Square, a former HQ of Romanian lender BCR, has been purchased by the Dayan family, dubbed by some “Israel’s Kennedy clan,” Economica.net reported.

“The property has been purchased by the Dayan family not Vivion [e.n. the investor previously mentioned as the buyer in the local media]. At present, the Dayan family is looking at the development options for the building but no decision has been made yet. A team of experts is working to examine the various potential options. The Dayan family is convinced about the positive growth opportunities on the Bucharest real estate market and has many years of expertise in developing property across Europe,” Robert Döring, the head of communication with Vivion, told Economica.net.

Amir Dayan is part of the Vivion advisory board and is an investor in the investment fund but the transaction was made in the name of the family.The value of the transaction exceeded by some 40% the initial evaluation of EUR 20 million, thus amounting to EUR 28 – EUR 30 million, Economica.net reported.

Last week, BCR announced that it completed the sale of the Oscar Maugsch Palace to an investment vehicle registered in Luxembourg.

The building served as BCR’s headquarters before the bank moved its central offices in a newer office building on Calea Victoriei, next to the CEC Palace. BCR currently has just a banking unit at the ground floor of the palace in Universitatii Square.

The palace was erected in 1906 and sits across the street from the palace of the University of Bucharest. The building is a class A historic monument. Until the 1948 series of nationalizations, the palace was the HQ of the Generala Insurance Company.

(Photo courtesy of BCR)

editor@romania-insider.com