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Speedwell to sell Record Park

Alex Hayes 26 February 2020

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Speedwell to sell Record Park
Two office buildings and a sports centre are to be sold in Record Park
ROMANIA Speedwell is to sell three buildings in the Record Park Offices development in Cluj Napoca. Included in the sale are two office buildings that are both under development and include a modern block and the converted imperial stables as well as a new stand alone sports centre that is already in operation.

The total area comes to 14,263 sqm. The residential part of the development has not been include in the sale. Knight Frank has been appointed as the agent.

“The property has an unexpired lease term of more than five years, and an estimated annual NOI of over EUR 2.7 mln when fully leased. The transaction is likely to be structured as a share deal with all three buildings owned by the same company,” says Valentin Lupu, the associate director of capital markets at Knight Frank Romania.

Besides the sport center which is already completed and functional since June 2019, the other two buildingsare expected to be delivered in the second half of 2020. Theresidential units will be delivered simultaneously with the office buildings but will not be subject to this transaction.

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