ATENOR announces that an agreement has been reached on the sale of the company NGY Properties, owner of HERMES BUSINESS CAMPUS in Bucharest, to Adventum Group and its partners. They are set to acquire, with its Adventum Quartum fund, 100% of NGY Properties. The agreement remains subject to the usual conditions’ precedent.
As a reminder, in 2008, ATENOR entered the Romanian market with an ambitious mixed office campus project of 75,000 m² located in the heart of the Dimitrie Pompeiu business district in Bucharest: HERMES BUSINESS CAMPUS.As it is located in one of the most vibrant administrative and commercial areas of the Romanian capital it is easily accessible by public transport. The two first buildings HBC 1, HBC 2 are fully leased to renowned tenants such as DB Schenker, Luxoft, Lavalin, Mondelez, the Dutch Embassy, Xerox, etc. The last HBC 3 building has been fully occupied by Genpact, the world leader in “business process” operations, for at least the next seven years.
The rental success encountered by HERMES BUSINESS CAMPUS confirms that the project meets the requirements of the Romanian market. These buildings have already had their leases renewed and HERMES BUSINESS CAMPUS conserves a weighted average unexpired leased term (WAULT)of more than 5 years.
ATENOR closes this sale with great satisfaction in the current economic and sanitary context: that highlights the quality of this first Romanian project , which is also one of the flagship developments of ATENOR. With this new agreement, ATENOR confirms its ability to conclude large-scale transactions and demonstrates its willingness to confirm its role as a benchmark operator in the Bucharest market that is still very dynamic. Having booked for six years the rental income produced by these buildings, this sale will have a positive but limited impact on ATENOR’s results in 2021and will allow ATENOR to decrease by 120 million euros the net indebtedness, strengthening thereby the leverage of the group in its international development. Adventum is proud to acquire this unique and high performing property and enters the Romanian market with this flagship deal to further strengthen its presence in the CEE region after numerous acquisitions in Poland and Hungary. This property with its BREEAM “Excellent” certificate and efficient operational features further reinforces Adventum’s strong ESG commitment. Adventum is also planning further acquisitions in the region and clearly demonstrates with this deal its unique capabilities in deal origination and deal closing in challenging conditions.
Adventum Group, a boutique investment fund management company focused on Central and Eastern European real estate investments was founded in 2006 and is entirely owned by management. It has been operating under the Alternative Investment Fund Managers Directive with fund management companies established in Valletta and Budapest, and a total AuM in excess of EUR 400+ million. The Group’s personnel include highly experienced real estate professionals with CFA, NRW and MRICS qualifications with a combined investment experience of 70+ years. The management has so far executed investments in the CEE region over a total value of EUR 1.5bn.
ATENOR is an urban real estate development company with European expertise listed on the Euronext Brussels market. ATENOR invests in large scale property projects meeting strict criteria in terms of location, economic efficiency, and respect for the environment.
