Adval Asset Management, the company that manages the wealth left behind by former Romanian billionaire Dinu Patriciu, best known as the founder of the Rompetrol Group, has reached the final stage in the process of selling the Banu Antonache office building to a local investor of Arab origin for a price of around EUR 10 million, Profit.ro reported.

The 4,500 sqm building is located in the Floreasca area, in the northern part of downtown Bucharest. It was built in 2006 and sold to the British investment fund Fabian at a price of EUR 12.3 mln. The property landed in the portfolio of Dinu Patriciu in December 2008, when he bought all the Fabian properties.

The building has five floors above ground and two levels of underground parking. Among its tenants are Opel, Cushman & Wakefield Echinox and BNP Paribas.

The sale of the Banu Antonache building is expected to be completed by the end of this year, according to Profit.ro information. The current seller is Adval Asset Management, the company of David Hayward, former banker at Morgan Stanley and real estate advisor to Dinu Patriciu. Adval refinanced the office building at the end of 2016, with a EUR 6.7 mln loan from Banca Transilvania, and put the property up for sale. Among the investors interested in buying the property were Zeus Capital of Greece, as well as the Romanian-Swedish entrepreneur Vasile Armenean.

After Dinu Patriciu's death, Hayward's company took over the management of real estate assets worth over EUR 100 mln that the businessman held in Romania. Gradually, they were sold or are on sale.

editor@romania-insider.com

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