Hili Properties, the real estate division of Hili Ventures, has finalised the acquisition of Art Business Centre in Romania’s capital Bucharest, following an investment in excess of €30 million.
Located in the Nordului neighbourhood in northern Bucharest, the nine-storey property boasts 18,600 square metres of gross leasable area and sits on a footprint of 3,400 square metres. The three underground floors accommodate 407 parking spaces.
Currently 100 per cent leased, Art Business Centre’s anchor tenant is Ponderas Academic Hospital which was recently taken over by the Regina Maria Private Healthcare Network. Ponderas Academic Hospital has invested heavily in the fit-out of its facility in the property.
Art Business Centre’s second largest tenant is Intesa San Paolo which operates its headquarters from the building. Bet Active Concept, Kinetic Sport Medicine, Daas Impex, Topanel and Samsung also occupy space at the centre.
The imposing property in Nicolae Caramfil Street sits in a preferred destination for financial services tenants seeking boutique office locations, embassies and small IT companies. The wider Nordului neighbourhood is a desirable residential address among the local business community.
Hili Properties holds and manages a strategic collection of commercial property for lease in Latvia, Lithuania, Estonia, Malta and now Romania. Its diverse portfolio includes dedicated business blocks, office space in key commercial districts and property housing McDonald’s restaurants. The restaurants are part of Premier Capital plc, the McDonald’s division of Hili Ventures. Premier Capital plc, through its subsidiary Premier Restaurants Romania, operates 68 McDonald’s restaurants nationwide. “This acquisition is in line with our strategy to add high quality commercial real estate in rapidly developing cities to our international portfolio,” Hili Properties chair and CEO Margrith Lutschg Emmenegger said.
“With long unbreakable leases with key tenants and an attractive yield, Art Business Centre features all the strategic key factors that make an appropriate investment for us. Art Business Centre not only adds significant value to our portfolio, but also extends our footprint to Romania, one of Europe’s fastest growing new economies.”