JLL advised Portland Trust, an Ares Management fund and Bluehouse Capital on the sale of Expo Business Park to Austrian investor S IMMO. The sale represents the largest real estate transaction completed in Romania in 2022.
“This transaction represents a very important benchmark. Expo Business Park is the only large office asset in Romania sold through an institutional process fully conducted after the outbreak of the pandemic. It is also the only large arm’s length transaction closed after the start of the war in Ukraine. The deal demonstrates JLL’s strength in running structured disposal processes and our ability to support our clients to navigate through the recently unpredictable environment.” said Andrei Văcaru, Head of Capital Markets at JLL Romania.
Completed in 2019, Expo Business Park comprises 3 buildings with a total GLA of approximately 42,700 sqm and offers A class office space of the highest standards, including a range of innovative technologies and sustainable solutions. One of the buildings is fully occupied by ING with their headquarter for Romania, while the tenant mix for the other two buildings includes Regus (Spaces), A&D Pharma, Tractebel (part of Engie group), World Class, Cargill, Mars and others.
Portland Trust has been developing institutional quality, award-winning and eco-friendly buildings in Romania for more than 20 years and this is their seventh office project built and successfully sold. The company has pioneered the urban redevelopment of several areas of Bucharest and the disposal of Expo Business Park marks the successful completion of such an exercise in the Expozitiei area.
Through this acquisition, their second in Bucharest from JLL in the last 12 months, S IMMO confirmed their confidence in the Romanian market and strengthened their position locally by adding to their existing portfolio which includes the Novotel hotel, Sun Plaza mall and Sun Offices, The Mark office tower and Campus 6.2 and 6.3 office buildings.