Deals involving office buildings in the first half of this year weighed 75% in the overall transactions reported on the Romanian real estate market, reveals a survey by CB Richard Ellis real estate firm.
The total value of real estate transactions in the first half reached 212 million euros in Romania, with a 5.4% share against Central and Eastern Europe, specifies the above-quoted source.
Yields of the deals sealed on the office segment dropped from 8.5% at the end of last year, to 7.8% after the first half of 2006.
The biggest deal on the office segment concluded in the first half was the acquisition of Charles de Gaulle Plaza building by Accession Fund company, managed by GLL Real Estate Partners, for around 80 million euros.
The record could be beaten, however, in the following period in case other major projects on the Bucharest market, such as America House, developed by GTC, should be sold.
Other major deals done in the first six months of the year were the purchase of TGV Tower, Construdava Business Center and Millennium Business Center building by UK's Charlemagne Capital investment fund, which paid a total sum of some 83 million euros.
The biggest transaction of the three acquisitions made by Charlemagne Capital is the acquisition of Millennium Business Center for 40 million euros.
Office space stock is going to expand slightly by yearend, with the vacancy rate put at around 6-6.5%, according to CBRE.
Of the total, the stock of class A space will be much smaller than in the first part of the year.
New buildings will be finalised in the northern part of the capital city, which will add to the stock of class B buildings.
The number of transactions is likely to go down slightly in the second half of 2006, with a much more dynamic period to follow toward the end of the year and the beginning of 2007.
British investment funds have taken the lead this year, leaving the Austrians or the Irish behind.
In the first nine months of this year, acquisitions were made by some investment funds that had recently entered the market or by some investors that wanted to strengthen their positions on the market.
Moreover, some of the biggest players announced they were interested in new acquisitions over the following months, as well.
On the segment of industrial space, Phoenix Real Estate sold Phoenix Business Park to Central-European fund, for 8 million euros, and Mercury Logistic Park was taken over by Helios Properties for 11 million euros.
As regards the market of real estate deals in Central and Eastern Europe, CBRE analysts consider the Czech Republic, Hungary and Poland drew some 79% of the total volume of investments in the first half, 6% less than in the same period of 2005.
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