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Colliers reports first office sale this year: Phoenix Tower goes to Adamamerica

Aberdeen Asset Management Deutschaland and Commerzbank signed an agreement to sell Phoenix Tower building in Bucharest to Adamamerica, according to a Colliers release.

2016-03-16 16:34:23 - by Bogdan Tudorache

Phoenix Tower is an office building with total surface of 10,000 sqm, in the Central-Eastern part of Bucharest, in Vitan district, close to Bucharest Mall. The building has great visibility and accessibility, and has great technical features following the refurbishment process performed in 2011. Phoenix Tower has 80% occupancy rate, and the tenants are mostly IT companies: Zitec, Netop, EBS, but also Bancpost and Kwizda.

The transaction has been advised by Colliers International and Cameron McKenna Romania law firm, as seller's consultants. Adamamerica has been represented in this transaction by Biris Goran law firm, namely by Victor Constantinescu and Tudor Stanciu.

Simina Niculita, Associate Director within Colliers International believes that "The comeback on the Romanian market of Adama founders is an extra vote of confidence for the local real estate market. The sale of Phoenix Tower shows the interest for medium sized office buildings, supported especially by easier access to financing".

In Romania, investment fund Aberdeen Asset Management Deutschland AG was involved last year in the largest retail transaction on the local market, the sale of Auchan Titan Shopping Center. Colliers International was the advisor of Aberdeen in this transaction, worth Euro 86 million.

Adamamerica, managed by Isaac Cohen-Hoshen, former co-founder of Adama Holdings, is active in developing residential projects in New York, USA, having more than 1,000 units already delivered or still under construction. Having local experience, the owners have seized the opportunity to enter again on the Romanian market through the acquisition on a valuable asset, but also to develop new residential projects, such as Reveria projects in Eastern side of Bucharest.

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