NEPI Rockcastle PLC agreed to sell all of its shares in subsidiaries holding its entire portfolio of four office properties in Romania to AFI Europe NV for an estimated €290 million.
The portfolio, which comprises Floreasca Business Park, The Lakeview and Victoriei Office in Bucharest, and City Business Centre in Timisoara, has a combined gross lettable area of about 117,500 square meters and fair and book value of €308 million.
The sale of the portfolio to the subsidiary of AFI Properties Ltd. is in line with NEPI Rockcastle's strategy to focus on its core dominant retail properties. The amount raised will be used to fund the seller's acquisitions and developments.
NEPI Rockcastle signed a letter of intent with AFI Europe in July to allow the latter to conduct due diligence for the possible acquisition of the Romanian office assets.