Smartown Investments, a group of Romanian investors, has acquired the Swan office project in the Pipera-Tunari area for 30.3 million euros, nearly 50% more than the amount approved by creditors.
Wall-Street.ro exclusively announced that the project was on the verge of an imminent sale at the auction organized on October 14.
The multifunctional complex Swan Office & Technology Park, located in the Pipera area of the capital, was purchased by Smartown Investments in an auction where five other potential buyers participated.
The Swan Office & Technology Park complex was inaugurated in 2011 in the north of the capital and has a leasable area of 29,124 sqm, with online retailer eMAG being one of the project’s largest tenants.
The Swan Office & Technology Park project currently has an occupancy rate of 80%, the largest tenant being the online retailer eMAG, operated through Dante International and Fashion Days, a company that joined the portfolio of the largest online store, which extended its contractual period by another five years and tripled its leased space to over 12,000 sqm. More specifically, retailer eMAG holds an area of about 10,000 sqm of offices, while Fashion Days’ activity takes place on an area of approximately 2,000 sqm.
At that time, when the sale price was double what is currently requested, the occupancy rate in office buildings located in the Pipera-Tunari area was only 35%, which was the main reason why the project developer, Swan Property, filed for insolvency.
Casa de Insolventa Transilvania (CITR) was the liquidator of the company whose portfolio included the Swan Office & Technology Park business park in Pipera.
Source: Wall-Street
Frequently Asked Questions
Who purchased the Swan Office & Technology Park project?
The project was acquired by Smartown Investments, a group of Romanian investors, following a competitive auction.
What was the final transaction value?
The sale price was 30.3 million euros, which is nearly 50% higher than the initial amount approved by creditors.
Who are the main tenants of the office complex?
The largest tenants are online retailers eMAG and Fashion Days, which together occupy over 12,000 square meters of the leasable area.