Paval Holding, the investment vehicle of Dragoș and Adrian Paval, better known for the DIY retailer Dedeman, completed the acquisition of the first building of the U•Center office complex in Bucharest's Tineretului neighbourhood from real estate developer Forte Partners, controlled by Lebanese brothers Johny and Jihad Jabra.

The price is estimated at almost EUR 90 mln. Converging sources estimate the value of the entire complex at over EUR 170 mln.

This is the second deal between the two after The Bridge complex, also in Bucharest, traded for EUR 200 mln.

Forte Partners announced on November 1 the signing of the transaction for the sale of the first phase of the project.

The first phase of the U•Center office project has a total leasable area of ​​nearly 33,000 square meters. The office building is 100% leased to companies such as Booking Holdings, Endava, Lensa, Up Romania, BT, Neuroaxis, and DCS plus.

andrei@romania-insider.com

(Photo source: Forte Partners)