South African investment fund New Europe Property Investments (NEPI) has taken over the Lakeview office building in Bucharest for EUR 62 million from AIG Lincoln and businessman Dinu Patriciu. The 25,500 sqm plus office building, which hosts the headquarters of PwC, Royal bank of Scotland, Huawei and Colgate Palmolive, is located close to NEPI’s Floreasca Business Park in the emerging office corridor between Floreasca and Barbu Vacarescu streets in the North East of Bucharest. NEPI also acquired the outstanding debt the vehicle which owns Lakeview had with MKB Bank Zartkoruen Mukodo Reszvenytarsasag. The EUR 61.7 million deal, which also includes the bank debt, will be settled in cash, according to NEPI. The building was valued at some EUR 63.3 million.

BVB Real Estate, the company which runs Lakeview and which was subject to the deal, earned a consolidated profit before tax for the year ended 31 December 2012 of EUR 1 million. In 2012, the property brought a net rental income of some EUR 4.6 million, according to NEPI. The cost of the transaction was estimated at EUR 200,000.

NEPI is one of the most active property buyers in Romania and among the largest real estate owners.

It owns Floreasca Business Park office compound, Pitesti Retail Park, Promenada Braila Mall and City Business Center Timisoara. NEPI also owns smaller office areas in second tier Romanian cities, with all office projects in Romania – 20 properties - valued at some EUR 180 million, as well as EUR 17 million worth of industrial projects. All the fund's properties listed here.

editor@romania-insider.com