BUCHAREST (Romania), August 17 (SeeNews) – Belgium-based urban real estate developer Atenor said that it has concluded an agreement to sell its Romanian subsidiary Victoriei 174, owner of Dacia One office complex in Bucharest, to Paval Holding, the owner of Romanian DIY retail business Dedeman.
The positive impact of the agreement on company results will be visible in the second half of 2021, and the sale is expected to have a positive net impact on cash of around 50 million euro ($59 million), Atenor in a press release on Monday.
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The agreement remains subject to the usual closing conditions.
Dacia One comprises two buildings: a 1.500 sq m listed historic monument and a new 13,500 sq m building.
Atenor has been active for over 28 years in the global real estate development sector. Since 2007, it has laid foundation for presence in Central Europe where it has focused on Romania and Hungary.
On July 28, Atenor announced that it has sold its Romanian subsidiary NGY Properties, owner of Hermes Business Campus in Bucharest, to Adventum Group and its partners.
Paval Holding is an investment vehicle controlled by Romanian entrepreneurs Dragos and Adrian Paval, founders of DIY retailer Dedeman.
($=0.8486 euro)