Trieris Buys a Fully Let AMCO BC

DTZ Echinox announces that the Greek investment fund Trieris Real Estate, in which a major shareholder is Piraeus Bank, has purchased an income-producing office building in the north of Bucharest. "Our client has managed to acquire a brand new office scheme located in Herastrau area, comprising 2,800 sqm of gross built area, tailor made for its current occupier", stated Mihai Plaesu, Senior Consultant, Office & Investment Department.

Fully configured according to the tenant"s specifications, a French-based group of companies, AMCO Business Center provides 1,880 sqm of net rentable area for office use, 110 sqm storage space and 28 parking places.

Mihai Plaesu added: "Immediately after the building was pre-leased in November 2006, we have tried to introduce the investment opportunity to a Client for which this acquisition would fit their profile exactly. The long term lease was the decisive factor for Trieris, as well as the purchase yield around 8%, competitive for the investor in a moment when the prime yields have reached below 7%".

Trieris Real Estate is a capital growth property fund focusing on Eastern Europe and new markets, looking to invest both in income-producing products and development joint-ventures. Supported by a professional team with longstanding experience in real estate and banking in the target region: Piraeus Bank, Piraeus Real Estate, Dolphin Capital Partners, the fund targets returns over 20%.

We are glad that our Client has pursued this opportunity and that we have managed to close this deal for Trieris", states Plaesu. "DTZ believes that the Romanian real estate investment market will exceed this year the 1 billion mark for the first time, and we expect to be involved in a good proportion, being the market leaders on this segment even since it started about 40 months ago" added Mihai Plaesu of DTZ Echinox.