Belgian Atenor to sell Bucharest office building to Paval Holding
BUCHAREST (Romania), Aug. 17 (SeeNews) – Belgium-based urban real estate developer Atenor has announced an agreement to sell its Romanian subsidiary Victoriei 174, owner of the Dacia One office complex in Bucharest, to Paval Holding, owner of Romanian DIY retail Dedeman.
The positive impact of the agreement on the company’s results will be visible in the second half of 2021, and the sale is expected to have a positive net cash impact of around 50 million euros ($ 59 million), Atenor in a press release Monday.
The agreement remains subject to the usual closing conditions.
Dacia One is made up of two buildings: a listed building of 1,500 mÂ² and a new building of 13,500 mÂ².
Atenor has been active for more than 28 years in the global real estate development sector. Since 2007, it has laid the foundations for a presence in Central Europe where it has focused on Romania and Hungary.
On July 28, Atenor announced that it had sold its Romanian subsidiary NGY Properties, owner of Hermes Business Campus in Bucharest, to Adventum Group and its partners.
Paval Holding is an investment vehicle controlled by Romanian entrepreneurs Dragos and Adrian Paval, founders of DIY retailer Dedeman.
($ = 0.8486 euro)