The investment will be carried out through Atenor's Romanian subsidiary, the real estate developer said in a press release.
By the end of 2017, Atenor will complete the purchase of an 11,600 sq m land plot located in the northwestern part of the city, where it plans to build a new office complex of some 44,000 sq m.
The chosen site has an overall vacancy rate of 5.2% and a vacancy rate of Class A offices of just 2.3%, the lowest vacancy rate in the city, Atenor said.
Another reason for the choice was the high accessibility to the site, both by public transport and by car, with a direct connection of less than 15 minutes with the city center and Henri Coanda international airport.
Moreover, the newest approved metro line, with an estimated completion in 2021, which will connect the main railway station of Bucharest with the Henri Coanda airport foresees a station just across the site.
"This acquisition consolidates Atenor's strategic evolution, aiming to increase its business in Europe's most dynamic metropolitan markets, " Atenor said.
Romania has currently more than 100,000 employees in the business process outsourcing (BPO) and shared service center (SSC) sectors and remains one of the most attractive countries in the region for attracting new investments, the developer added.
Based on latest transactions, Atenor noted that the Romanian office market indicates a renewed impetus for investments in BPO/SSC and IT companies.
The Bucharest office market recorded leasing transactions of some 170,000 sq m during the first semester of the year, indicating that demand remains very strong.
This will be Atenor's third project in Bucharest after Hermes Business Campus and Dacia One, both located in northern Bucharest.
Hermes Business Campus is an 72,000 sq m office complex now fully leased. Contacts are ongoing regarding the future sale of these buildings, although there are no plans to push through a sale in 2017, given the continuing upward trend in the investment market, Atenor said.
For Dacia One office complex, Atenor will submit shortly a class A building and renovation permits application. Works are expected to start in the next few weeks. The lease market has already shown its interest for this ideally located project, Atenor added.
Atenor has been active for over 25 years in the global real estate development sector and since 2007, it has laid foundation for presence in Central Europe where it has focused on Romania and Hungary.
