IMMOFINANZ has taken another step in its strategic portfolio optimization by selling the myhive Victoriei office development in Bucharest’s old town for approximately EUR 27 million. The property has been sold to AFI Europe, and the transaction was completed above the property’s current carrying amount.
Radka Doehring, a member of the IMMOFINANZ Executive Board, commented on the sale, stating, “The successful sale of the office development in Bucharest shows that we are consistently implementing 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.”
The myhive Victoriei office complex is the tallest building in central Bucharest, offering approximately 31,000 square meters of usable space. Currently vacant, the property was intended for a complete refurbishment. The building permit for its conversion into a Class A property will be transferred to the new owner as part of the sale.
