Revetas Capital Advisors, a real estate investment management firm focused on Central and Eastern Europe and Cerberus Capital Management LP have acquired Bucharest, Romania-based Project Marina, an office complex. No financial terms were disclosed.
LONDON and NEW YORK, Nov. 6, 2018 /PRNewswire/ — Revetas Capital Advisors LLP (“Revetas”) and Cerberus Capital Management, L.P. and its affiliates (“Cerberus”) today announced the acquisition of the Landmark, a newly built office complex in a prime location in Bucharest, Romania (“Project Marina”). The complex, with approximately 23,500 sqm of gross leasable area, is the only business park of its size in the heart of Bucharest offering institutional grade specifications and flexible floor plates. The leading office building is long-term leased to strong international institutional covenants and offers ancillary retail space.
Project Marina is the second property jointly acquired by Revetas and Cerberus in Romania and aligns with both firms’ strategies to identify quality real estate properties and apply investment and operational expertise to generate superior risk-adjusted returns. In December 2017, Revetas and Cerberus jointly acquired Project Nemo, a leading hotel complex in Bucharest, which includes the Radisson Blu and Park Inn hotels, featuring a total of 697 guest rooms.
Eric Assimakopoulos, Managing Partner at Revetas, commented, “Project Marina is one of the most compelling office assets in Bucharest’s Central Business District, offering a unique mix of competitive advantages. We are excited about this opportunity to expand our partnership with Cerberus and to continue creating value for our tenants and investors in one of the fastest growing countries in the Central and Eastern Europe region.”
Lee Millstein, President of Cerberus Global Investments and Global Head of Real Estate for Cerberus, added, “We continue to see strong growth trends in Romania and are excited to have the opportunity to add another attractive property to our portfolio. We look forward to extending our partnership with Revetas and leveraging our collective operational and capital expertise to drive value for both our Project Marina and Project Nemo properties.”
Revetas is a real estate investment manager executing a specialised strategy targeting distressed, undervalued, value- add and opportunistic assets in Central and Eastern Europe (‘CEE’). The firm was founded in 2012 and is led by Managing Partner Eric Assimakopoulos together with his senior management team, who have been operating in the region for over 16 years. The business operates from London, Vienna and Luxembourg.
Revetas manages and invests capital on behalf of a global investor base comprising institutional investors, endowment funds, pension funds and ultra-high net worth individuals. It targets well located real estate assets with the potential to benefit from active asset management initiatives and additional capital investment. Revetas focuses on commercial property, including office, retail, hospitality and logistics, as well as residential assets. www.revetas.com
Founded in 1992, Cerberus is a global leader in alternative investing with more than $35 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.