Wolf Theiss has assisted funds advised by Revetas Capital Advisors LLP, a real estate investment advisor focussed on the CEE market, in the acquisition of the Landmark, a premium office complex located in Bucharest’s Central Business District, from Manali Holdings Limited and Daphne Consultancy Real Estate SRL. PeliFilip reportedly advised the sellers on the deal, which closed at the end of October 2018. Financial terms were not disclosed.
The Landmark — also known as "Project Marina" — offers 23,500 of general leasing area spread out over three office buildings
Revetas is a real estate investment manager targeting distressed, undervalued, value-add and opportunistic assets in Central and Eastern Europe. The firm was founded in 2012 and is led by Managing Partner Eric Assimakopoulos together with his senior management team, who have been operating in the region for over 16 years. The business operates from London, Vienna, and Luxembourg. Revetas manages and invests capital on behalf of a global investor base consisting of institutional investors, endowment funds, pension funds, and ultra-high net worth individuals. Revetas focuses on commercial property, including office, retail, hospitality and logistics, as well as residential assets.
This is the second deal Wolf Theiss Romania has advised Revetas on in the past 12 months, following its earlier assistance on the acquisition by Revetas Capital Fund II and an affiliate of Cerberus Capital Management of a hotel complex in Bucharest as reported by CEE Legal Matters on January 17, 2018.
"Revetas is excited about the addition of Project Marina as another high-quality asset to our portfolio," stated Kiril Klaturov, General Counsel and Partner of Revetas. "It was a pleasure to work with Wolf Theiss on this transaction and we are looking forward to continuing creating value for our tenants and investors in Romania, one of the fastest growing economies in Central and Eastern Europe."
The Wolf Theiss team was coordinated by Partners Ileana Glodeanu and Claudia Chiper and included Counsel Flaviu Nanu and Associates George Ghițu, Alexandru Asaftei, Costin Salaru, and Sebastian Botic.