Elbit Imaging, the owner of the Radisson Blu hotel complex in Bucharest, signed a non-binding agreement for the sale of the complex in August of this year.
Recently, sources close to the transaction stated that the future owner of the two hotels in the complex, Radisson Blu and Park Inn, will be the investment fund Revetas Capital, specialized in the acquisition of real estate assets with financial difficulties, which it subsequently sells.
The transaction, worth EUR 177.5 million, the largest in the Romanian hotel sector, will be concluded by the end of the year. The sale-purchase agreement will be formally signed by November 23.
Elbit Imaging estimates a net gain of approximately EUR 80 million from the sale of the complex to the investment fund Revetas Capital, and an unspecified amount of this gain will be granted as a loan to the future owner, the Israeli group announced.
Revetas owns the Vitantis mall in Bucharest, which it acquired in 2013 following a transaction worth EUR 26 million.
Source: Profit
Frequently Asked Questions
Who is the buyer of the Radisson Blu complex in Bucharest?
The buyer is Revetas Capital, an investment fund specializing in the acquisition of distressed real estate assets.
What is the value of the transaction?
The transaction is valued at EUR 177.5 million, marking the largest deal in the Romanian hotel sector.
When is the sale expected to be finalized?
The sale is expected to be completed by the end of the year, with the formal agreement signed by November 23.