Accession Fund, a fund which shareholders include the Italian insurance group Generali and the European Bank for Reconstruction and Development (EBRD), had bought in 2006 the building of 23,000 sq. m Avrig 35 and Austrian CA Immo for EUR 80 million in the largest transaction on the real estate market at that time.
In the following years, Accession Fund cashed out rents of EUR 40-50 million from the building exploitation, and last year the fund decided to sell the building to HR GLL Central Europe, even if the value of the transaction is under the level of acquisition in 2006, on the background of rents reduction in Bucharest and the yield level growth accepted by the buyers.
„The value of the transaction was under the level of EUR 70 million and was made by own funds, therefore the entire existing bank loan was reimbursed. “, have declared for ZF sources close to the discussions. (source: zf.ro)