Hili Properties, the real estate portion of Hili Ventures, has completed acquisition of ART Business Center in Bucharest, Romania.
The nine-story business center is in the Nordului neighborhood in northern Bucharest, according to a press release. The site offers 200,208 square feet of leasable space, with underground parking for 407 vehicles. The center is completely leased, with Ponderas Academic Hospital serving as the anchor tenant.
Hili Properties manages a number of commercial properties in Latvia, Lithuania, Estonia, Malta and this one in Romania.
“This acquisition is in line with our strategy to add high quality commercial real estate in rapidly developing cities to our international portfolio,” Hili Properties' Chair and CEO Margrith Lutschg Emmenegger said in the release. “With long unbreakable leases with key tenants and an attractive yield, ART Business Center features all the strategic key factors that make an appropriate investment for us. ART Business Center not only adds significant value to our portfolio, now valued at close to ($108.7 million). It also extends our footprint to Romania, one of Europe’s fastest growing new economies, and a market in which our group Hili Ventures already has an extensive presence.”