Property in Romania

British fund buys office building for 40 million euros


British real estate investment fund European Convergence Property Company PLL, whose capitalisation stands at about 7 billion euros, yesterday signed the acquisition contract for the Millennium Business Center office building, the future office of the World Bank in Bucharest.
The British fund managed by Charlemagne Capital, one of the largest investment firms on the London market, is to pay approximately 40 million euros for the building in the centre of Bucharest, located on Armeneasca Street, close to the Bucharest Stock Exchange.

The takeover of the Millennium Business Center is the third acquisition by the Brits since the beginning of this year and their expansion plans on the real estate segment do not stop here.

Date posted: July 3, 2006