November 25 (SeeNews) - Romanian real estate investment vehicle Paval Holding Properties said on Friday it has acquired seven office buildings in Bucharest from Vienna-headquartered real estate company CA Immobilien Anlagen Aktiengesellschaft (CA Immo) for an undisclosed sum.
The portfolio acquired by Paval Holding Properties has a total leasable area of approximately 165,000 sq m, the holding said in a press release.
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The seven projects are Bucharest Business Park, Campus 6.1, Europe House, Opera Center 1 and 2, Orhideea Towers and River Place.
"With this major investment, we confirm once again our trust in the long-term potential of the Romanian real estate sector," Paval Holding vice-president Karina Paval said.
Paval Holding is an investment vehicle controlled by Romanian entrepreneurs Dragos and Adrian Paval, founders of DIY retailer Dedeman.
The two ranked second among top 300 wealthiest people in Romania in a 2021 ranking compiled by Romanian magazine Capital, with an estimated fortune of about 3.2 billion euro ($3.33 billion).
CA Immo said on Tuesday it has sold its Romanian portfolio, without disclosing the buyer or the value of the transaction. The transaction marked the company's exit from the local market.
Founded in 1987, CA Immobilien Anlagen AG controls property assets of around 6.3 billion euro in Germany, Austria and Eastern Europe.
($ = 0.9611 euro)