AFI Europe acquired the myhive Victoriei office building from Immofinanz

The real estate developer AFI Europe has acquired the myhive Victoriei building on Calea Victoriei from the Austrian commercial real estate group Immofinanz. The transaction, valued at approximately 27 million euros, was facilitated by Cushman & Wakefield Echinox & Colliers International.

Completed in 1998, myhive Victoriei holds the distinction of being the first modern office building in Bucharest and, at the time, the tallest in the city center, with a built area of 38,703 square meters. The property underwent significant renovations in 2012 to meet modern standards and now comes with a recently granted building permit for a complete renovation, which has been transferred to the new owner.

“The transaction and the subsequent development of this landmark property reconfirm the solid fundamentals of Bucharest office market and will create a new retail and F&B hotspot on Calea Victoriei, between Lipscani street, CEC Palace, Victoria Store and the National History Museum”, added Cristi Moga, Head of Capital Markets, Cushman & Wakefield Echinox.

“The successful sale of the office development in Bucharest shows that we are consistently implementing our focused portfolio strategy even in a challenging market environment. We will reinvest the proceeds from the sale in value-creating purchases of higher-yielding properties in our core markets”, said Radka Doehring, member of the Executive Board of IMMOFINANZ.

“The acquisition of the myhive Victoriei building is in line with our development strategy in Romania. As a long-term partner for the business community, known for developing high end projects that bring added value to the community and the local economy, our goal is to transform this iconic property into a modern, A Class mixed use project that meets the highest standards of quality. A sustainable building, complying with ESG requirements, creating a work and leisure destination in the heart of Bucharest”, mentioned Doron Klein, Deputy CEO AFI Europe & CEO AFI Europe Romania and Czech Republic.