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Hili Properties acquires majority stake in Bucharest office complex

Hili Properties acquires majority stake in Bucharest office complex MIRO office building in Bucharest Source: Hili Properties

BUCHAREST (Romania), August 8 (SeeNews) - Malta-based real estate investor Hili Properties said it has acquired a 75% shareholding interest in Baneasa Real Estate, the owner of the Miro office building in Bucharest, from Romania-focused real estate developer Speedwell.

Hili Properties has also agreed to enter into an agreement for the acquisition of the remaining 25% shareholding in two years’ time, it said in a press release on Friday.

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Commissioned late last year, the Miro is a Class A mixed-use property with 23,000 sq m of leasable area spread over five floors and a 1,700 sq m outdoor plaza.

The building increases Hili Properties’ portfolio value from 173.8 million euro to 234.2 million euro ($238 million) and extends the total leasable area to 119,092 sq m, the company said.

Hili Properties owns and manages strategic commercial real estate for lease in several European countries, including Estonia, Latvia, Lithuania, Malta and Romania. It is the international real estate investment subsidiary of Hili Ventures, the group engaged in multi-sited operations with McDonald’s and Apple, logistics, marine and engineering, property, oil and gas, technology, hospitality and leasing.

Founded by Belgian entrepreneurs Jan Demeyere and Didier Balcaenin, Speedwell has a significant portfolio of projects in Romania which includes Record Park in Cluj-Napoca, Triama Residence and The Ivy in Bucharest, Paltim in Timisoara or Riverside City in Ramnicu-Valcea.

($=0.9821 euro)