IMMOFINANZ Sells Office Development in Bucharest

Vienna-based IMMOFINANZ announced the sale of its myhive Victoriei office development in Bucharest to AFI Europe for approximately EUR 27 million. This transaction is part of the company’s strategic portfolio optimisation, aimed at enhancing investment in higher-yield properties within core markets.

The 31,000 sqm office complex, the tallest building in central Bucharest, is currently vacant and set for a complete refurbishment. The building permit for the conversion to a Class A property will also transfer to the buyer.

Radka Doehring, a member of IMMOFINANZ’s Executive Board, stated that this successful sale demonstrates the company’s focused portfolio strategy in a challenging market environment and underscored plans to reinvest the proceeds into more lucrative properties.