Țuca Zbârcea & Asociații advises AYA Properties Fund on its EUR 35 M acquisition of RECORD PARK Offices in Cluj

Țuca Zbârcea & Asociații advises AYA Properties Fund on its EUR 35 M acquisition of RECORD PARK Offices in Cluj

Țuca Zbârcea & Asociații advises AYA Properties Fund on its EUR 35 M acquisition of RECORD PARK Offices in Cluj 790 600 BUCHAREST REAL ESTATE CLUB

At the beginning of the year, real estate developer Speedwell together with Belgium based Baltisse and AYA Properties Fund have concluded the transaction for the sale of RECORD PARK Offices. The components, subject to this transaction structured as a share deal, are valued at EUR 35 million and combine 15,000 sqm of A-class office and retail spaces (including a historical refurbished building) and 2,000 sqm stand-alone sports center with pool.

Țuca Zbârcea & Asociații acted as Romanian legal advisors to AYA Properties Fund, a Belgian based real estate investment fund with focus on AAA-locations in South-Eastern Europe, with a mixed team of M&A and real estate lawyers under the coordination of Dragoș Apostol, Partner (on the transaction side), together with Oana Ureche, Partner, Amalia Dumitru and Ioana Mărculeț, Managing Associates (on the due diligence side).

“We are very pleased and proud to have acquired the Class A office part of RECORD PARK, a mixed-use development in Cluj, Romania. Given it’s AAA location, quality tenants and BREEAM certificate, the project becomes a prime asset in our portfolio”, says Simon Synaeghel, Investment Manager at AYA Properties Fund.

Also, Țuca Zbârcea & Asociații advised Revetas Capital in relation to the disposal of Vitantis Shopping Center to Praktiker Real Estate Romania. The firm’s real estate lawyers led by Partners Oana Ureche and Răzvan Gheorghiu-Testa advised the seller on all legal aspects that were incident to the transaction.

The deal marks the completion of a successful repositioning and revival of the retail scheme into a large-scale neighbourhood power centre focused on home, convenience and grocery products, with long-term leases secured by well-established domestic and international retail operators.

“Vitantis Shopping Center was one of most ambitious investment exercises we undertook in 2014 and a showcase of a successful turnaround of a “first generation” shopping center located in one the most competitive submarkets of the Romanian capital city. During the holding period, we navigated one of the most challenging decades for retail as an asset class, additionally intensified by the dynamics of the following economic downturn initiated by the Global Financial Crisis and the massive traffic and operational restrictions imposed by the COVID-19 pandemic”, explains Radu Boitan, Head of Investments at Revetas Capital.

Țuca Zbârcea & Asociații has a strong real estate team advising investors and developers, asset and property managers, financial institutions/banks, energy investors, major retailers, engineering, construction and infrastructure companies and public authorities. The firm is a three-time winner of the “Law Firm of the Year in Real Estate” Award from CIJ magazine (Central & Eastern European Construction & Investment Journal) and is also highly rated by all international legal directories (Legal 500, Chambers Europe etc) as regards its expertise in real estate and construction matters