GTC has sold its A-class Cascade Office Building in Bucharest to the Hungarian Crown Holding Kft. making a healthy profit of close to 20% or EUR 1.6 million on the transaction since its acquisition in 2017. The selling price of the property was EUR 10.1 million.
Cascade Office Building is one of Bucharest’s iconic office projects, located in the key part of the city at Strada Buzești 62-64 – a 7-minute walk from Victoriei Square and a 20-minute drive from Henri Coandă International Airport. The 4,210 sq m building was delivered in 2005 and is highly appreciated by its tenants for modern energy-saving features such as intelligent lighting, air-conditioning or local temperature control systems, access control and CCTV monitoring. GTC acquired Cascade Office Building in 2017 to strengthen its presence on the Romanian market. The project was awarded the LEED Gold certification, proving its sustainable features.
”Our strategy involves disposing of mature buildings and switching focus to new opportunities. The sale of Cascade is a perfect example of exercising this strategy, and I am confident that the sale of Cascade will enable us to make some exciting investments in the future. Over those five years, we have significantly upgraded the building making it more attractive to tenants and obtaining the LEED Gold certification. The sale is a result of a prime effort of the entire Romanian team, whom I thank for working relentlessly to close the deal in recent days. It has been a great achievement, just as was the sale of our Belgrade portfolio completed last year” – said Zoltán Fekete, CEO of GTC.
The transaction was finalized in July 2022. At the moment, GTC Romania’s office properties portfolio includes City Gate (North and South Towers), Premium Plaza and Premium Point. Each one of them is located in Bucharest and is eco-certified.