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01The Challenge
Iride Business Park is one of the oldest and largest business parks located in Bucharest, Dimitrie Pompeiu Blvd., consisting in a mix of offices, warehouses and retail, totaling approximately 59,000 sqm GLA on a plot of land of 128,000 sq. m. Additionally, the site benefits from a development potential of 304,080 sq. m GBA.
The challenge for Cushman & Wakefield Echinox Capital Markets team has been to find a buyer for this less typical mixed-use property, while meeting our client’s pricing expectations.
02The Solution
We reached a wide range of potential buyers, mainly investors with development capabilities.
We successfully presented the potential buyers the huge redevelopment potential of this brownfield investment located in a fast-developing area of Bucharest, next to Pipera Metro Station. Furthermore, we emphasized the attractive investment rate of return ensured also by the rental income from the existing tenants during the planning and permitting stages which may last a few years.
03The Results
We created a highly competitive climate amongst the bidders which led to a successful disposal to an experienced residential developer and office owner who we helped to understand that the asset is a great opportunity of redevelopment in an emerging location of Bucharest.
The creative idea of selling a redevelopment opportunity also with existing rental income led to a transaction price in line with our client’s expectations.