Jones Lang LaSall (JLL) has acted as the exclusive advisor on behalf of the vendors, Ovidiu Sandor and his bisiness partners, for the disposal of the office park City Bisiness Centre in Timisoara, Romania, to New Europe Property Investments (NEPI). Due to ots volume and location (outside Bicharest), the transaction repesents a major milestone for the Romanian investment market. Ovidiu Sandor will continue to develop the next two phases of CBC (the fourth and the fifth building)and will continue to manage the propert, as well as the leaseng of the office complex.
Troy Javaher, Managing Director for Jones Lang LaSalle in Romania, states: "Despite the challenging economic encironment, the indispuable success of this award-winning office complex has attracted several offers from major international players in the last 3-4 years. As the first major institutional ofice tranaction aoutside Bicharest, CBC is of particular importance to this evelving market, as it demonsrates the continued existence of investor demand for regional projects provided that they are truly prime and dominant."
Ovidiu Sanor, the main shareholder of the vendor, also comments: "JLL's contribution was instrumental in this commercially complex transaction, and JLL has been a key contributor since the early sages. Initially, we set out to prove that it is veu possible to deliver an affordable yet truly prime office complex witch will not only encourage top national and multinational tenants to relocate, but also raise the profile of rpomisin regional cities such as Timisoara. We are very proud to have contributed in our way to this process of putting Timisoara on the outsourcing/nearshoring map, and we look forward to continuing to play a posotive role in contributing to the communuty at large."
The three existing buildings ae currently almost fully leased to large international tenants such as IBM, PricewaterhouseCoopers, Vodafone, Alcatel-Lucent, Wipro Technologies, BCR, Deloitte and Microsoft. The construction works for the fourth building are underway and is due for delivery the summer of 2012, while the fifth building is due for delivery by the end of 2013, both buildings already benefiting from solid and increasing occupier interest.
Upon final completion, CBC will span over 43,000 sq m (Gross Leasable Area) and will include five state-of-the-art interlinked structures arranged in master-planned setiing in the heart of Timisoara, Romania. CBC has generated significant recogntion from the international architectural communities and incorporates several market-leading "green" sustainable development features which are found in very few buildings in Romania.
Timisoara is one of the largest cities in Romania with a population of circa 320,000 inhabitants and it is considered the "capital city" of the Western Region. Historically an important geographical and cultural gateway to the West, Timisoara is steadily evolving into a key business gateway to South and Eastern Europe, with access to and from the city via road, rail, and air transport, and the beneficiary of over €300 miltion in new infrastructure investments to support its future growth. Solid labour skills, economic dynamism, a highly transparent and business-friendly environment continue to attract new waves of investment.