JLL has advised GLL in the purchase of the Floreasca Park, one of the most efficient and well developed office projects on the Romanian Market, from Portland Trust.
The purchaser, GLL, is an investment fund with a very important portfolio in Europe, including West Europe. The transaction is the result of our very good relation with GLL, which is at its second deal on the Romanian market in one year period. First deal signed by GLL in Romania last year was the acquisition of Victoria Center, JLL acting as advisors for the seller- Bluehouse.
" Romanian offices should be very attractive for the investors looking for medium and long term hold given the rental levels, WAULT and covenant of the tenants in investment quality buildings with prime yield gap between Bucharest and pargue/Warsaw still close to 1.75%.", said Silviana Badea, Head of Capital Markets Associate Director JLL Romania.
Floreasca Park is located in the most active office submarket in Bucharest. The project with 37.500 sqm office space class A was finalized at the end of the 2013. The main tenants are Oracle, Allianz, Kellogg's, BASF and Kalon.