Wolf Theiss has confirmed that it advised Smartown Investments on its EUR 30.3 million acquisition of the Swan Office & Technology Park in Bucharest from Casa de Insolventa Transilvania (CITR), the bankruptcy administrator for Swan Property.
According to the activity report of CITR, it had promoted the office project to more than 150 investors in Romania and abroad, as well as to clients in the Swan Property portfolio.
Swan Office & Technology Park — a complex of three buildings located in the Pipera-Tunari district of Bucharest — declared bankruptcy in 2013. The current occupancy of the complex is reported to be over 70%, and it has a leasable area of 29,124 square meters and a land plot of 5,000 square meters for future developments.
The Wolf Theiss team was led by Partner Ciprian Glodeanu, who reports that CITR was not represented by outside counsel in this particular transaction.