Smartown Investments, a group of Romanian investors, has acquired the office project Swan Office & Technology Park in the Pipera-Tunari area, in the north of Bucharest, with EUR 30.3 million.

The price was almost 50% higher than the minimum sale price approved by the project’s creditors, of EUR 20.6 million. Six investors participated in the tender.

Swan Office & Technology Park was inaugurated in 2011 and has a rentable area of over 29,000 sqm. It currently has an occupancy rate of 80%. One of the biggest tenants is the online retailer eMAG, which occupies an area of over 12,000 sqm.

Swan Property, the real estate firm that developed the Swan Office building, entered insolvency in 2013. The project had an occupancy rate of only 35% back then. Casa de Insolvenţă Transilvania (CITR) has managed the insolvency.

editor@romania-insider.com