The sale of The Office Cluj-Napoca by Ovidiu Sandor and investment fund NEPI Rockastle to the Dedeman group was completed. This is the biggest transaction involving an office project ever conducted outside Bucharest and represents a new benchmark as regards the price and liquidity of prime real estate assets in secondary cities, real estate consultancy company JLL commented.

JLL represented Mulberry Development, a company owned by Ovidiu Sandor, in this deal.

“It is a major landmark for the local property investment market: the biggest transaction of a real estate asset in a secondary city signed in the past ten years and the first of this size where both sides are prestigious Romanian entrepreneurs,” said Andrei Văcaru, Head of Capital Markets JLL România.

The parts involved in the deal haven’t disclosed its value, but local business portal Profit.ro estimated it at over EUR 120 million.

This was the second big real estate acquisition carried out by the Dedeman group, after that of The Bridge office project in Bucharest, completed last year.

editor@romania-insider.com

(Photo source: Facebook/The Office Cluj-Napoca)