AFI Europe has acquired the myhive Victoriei building on Calea Victoriei, Bucharest, from Austrian commercial real estate group Immofinanz. The transaction was valued at around EUR 27 mln and is part of Immofinanz’s strategy to optimise its portfolio.
The transaction was brokered by Colliers and Cushman & Wakefield Echinox.
Completed in 1998, myhive Victoriei, with an area of 38,700 sqm, was the first modern office building in Bucharest. Renovations in 2012 brought the property up to modern standards. The facility holds a recently granted building permit for a complete renovation, which has been transferred to the buyer.
The sale of the office development in Bucharest shows that we consistently implement our focused portfolio strategy even in a challenging market environment. We will reinvest the proceeds from the sale in value-creating purchases of higher-yielding properties in our core markets.
Radka Doehring, member of the executive board of Immofinanz
The acquisition of the myhive Victoriei building is in line with our development strategy in Romania. Our goal is to transform this iconic property into a modern, A Class mixed use project that meets the highest standards of quality. A sustainable building, complying with ESG requirements, creating a work and leisure destination in the heart of Bucharest.
Doron Klein, deputy CEO AFI Europe & CEO AFI Europe Romania and Czech Republic
The property, previously acquired by Immofinanz from Banca Comercială Română in March 2021, is located near Bucharest’s Kilometer 0, close to the Old Centre. Following the new building permit, the refurbished property will offer flexible office spaces, attractive common areas, and various additional facilities and services, such as conference rooms, lounge areas, and social events for tenants.
This investment represents a unique opportunity to revive a building and its surroundings, transforming it from an old property to a new one with improved architectural and commercial appeal.
Anca Merdescu, director Investment & Debt Advisory at Colliers
