M&A alert. Global Trade Center buys Premium Point and Premium Plaza office buildings

Global Trade Center has closed the deal on the acquisition of Premium Point and Premium Plaza office buildings in Victoriei Square of Bucharest, shows a press release by Colliers International. The purchase value has not been made public.

“The acquisition of these two prime office buildings will substantially improve GTC’s position as mayor player on the office market in Bucharest. Both assets are located in the heart of the Bucharest’s central business district and the value add potential will be unlocked via a combination of technical upgrade and improved services for tenants granting high occupancy in near future,” said Thomas Kurzmann, CEO of GTC.

The transaction, advised by Colliers International as representative of the seller, is the second one closed this year on the Romanian office market. Earlier in March the Phoenix Tower in Bucharest was sold by Aberdeen Aberdeen Asset Management Deutschland AG and Commerzbank to Adam America.

Premium Plaza and Premium Point are two class A office buildings in Bucharest Central Business District, Victorisqm and is leased to international tenants, including Webhelp, Mavenhut, Enel. Premium Point is a 6,400 sqm office building completed in 2009, leased to tenants such as Franklin Templeton, Thomson Reuters, Autodesk, Certinvest.

The acquisition of Premium Point and Premium Plaza increased GTC’s portfolio to 37 projects and over 665,000 sqm of commercial space, following earlier acquisition of Duna Tower in Budapest and Pixel in Poznan as well as the completion of Fortyone office building in Belgrade in late 2015. The company plans further expansion of its portfolio in Poland and Serbia.