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Bucharest Radisson complex sold

Rafał Ostrowski 08 January 2018

Rafał Ostrowski

Journalist

+48 22 356 25 11
rafal.ostrowski@eurobuildcee.com

Rafał Ostrowski has over 17 years’ experience as a journalist. Before joining ‘Eurobuild CEE’ five years ago, he wrote for Wydawnictwo Murator and Shopping Centre Magazine, as well as for retailnet.pl. He has also written for many newspapers and magazines as a freelancer and prepared photo-reportages. Rafał graduated from the University of Warsaw in philosophy. He also completed postgraduate studies in text editing. For ‘Eurobuild CEE’ he covers most real estate sectors, including logistics, construction, office, residential and retail. He is also in charge of the film direction for Eurobuild TV.

Bucharest Radisson complex sold
The complex includes the Radisson Blu and Park Inn hotels

ROMANIA British investment manager Revetas Capital Advisors and American Cerberus Capital Management have acquired the Radisson hotel complex on Calea Victoriei street in the centre of Bucharest from Israeli company Elbit Imaging for EUR 169.2 mln.

According to JLL, which advised the seller, this represents the largest ever hotel transaction by deal volume in Romania and among the largest recorded in Central Eastern Europe (CEE).

The complex includes the Radisson Blu and Park Inn hotels, with 763 guest rooms in total, operated by the Rezidor Hotel Group, as well as eight food and beverage outlets, fifteen conference venues (2,000 sqm in total) and app. 7,500 sqm of prime retail space anchored by Burberry and Hugo Boss.

Eric Assimakopoulos, managing partner at Revetas described the complex as one of the most compelling hospitality and retail assets in the CEE region. “As the fastest growing economy in the EU, Romania offers tremendous upside potential. We look forward to increasing the value of these properties in partnership with Cerberus,” he said.

“These properties are well poised to benefit from a number of macro trends driving economic growth in Romania. We are excited to bring long-term capital and operational expertise to help the portfolio and its tenants succeed,” said Lee Millstein, global head of real estate at Cerberus.

"This is an exciting transaction for Romania as it not only demonstrates institutional interest in the hotel market, but it shows there is liquidity for large, core real estate assets in the country. Bucharest, the largest city in CEE with an excellent economic dynamics is starting to get recognition and will attract capital even when it comes to large single asset deals," said Andrei Văcaru, associate director, capital markets JLL in Romania.

Elbit Imaging announced the preliminary sale of the property in June 2017.


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