German investment fund GLL Real Estate Partners is in the process of acquiring the Floreasca Park office project in Bucharest from its developer Portland Trust for over EUR 70 million, according to local media reports. GLL Real Estate Partners already owns in Romania the Charles de Gaulle Plaza office building close to the Aviatorilor subway station.
Floreasca Park is located in northern Bucharest, near the Pipera road ovepass, and it consists of two office buildings totaling some 38,000 sqm (GLA). The project’s biggest tenant is computer technology giant Oracle which occupies some 20,000 sqm.
Floreasca Park is the seventh project developed by Portland Trust in Romania. The developer has been active locally since 1999 and has built some 260,000 sqm of office space. Other office projects developed locally include Opera Center, Bucharest Business Park and Floreasca 169A.
GLL Real Estate Partners manages assets worth over EUR 5 billion. Some 19 percent of the fund is controlled by insurance group Generali.