Hili Properties plc acquires majority shareholding in prestigious Romania office complex

Last Updated on Friday, 5 August, 2022 at 10:13 am by Andre Camilleri

Hili Properties plc, the strategic real estate investment subsidiary of Hili Ventures, has acquired a 75% shareholding in Baneasa Real Estate SRL, the owner of the imposing Miro office building in the Baneasa area of Bucharest from major Romanian developer Speedwell. Hili Properties plc has also agreed to enter into an agreement for the acquisition of the remaining 25% shareholding in two years’ time.

Commissioned late last year, the Miro is a Class A mixed-use property boasting 23,000 sqm of leasable area spread over five floors and a 1,700 sqm outdoor plaza. It is excellently located on Bucharest’s DN1 highway, providing direct access to the city centre, business hubs, and the airport. Its extensive list of reputable tenants includes KPMG, Rovere, COS, Eaton, Neoclinique, Speedwell, Stradale/Mitzu, Jura and Hisky.

The Miro has been designed to be a unique, inspiring place of work, with a layout and facilities that shape a motivating space. The property was developed with a focus on the well-being of its occupants and on sustainability as evidenced by its BREEAM ‘Excellent’ and WELL ‘Platinum’ certifications.

George Kakouras, Managing Director of Hili Properties plc, said: “We are delighted to extend our portfolio in Romania with this prime asset. We look forward to collaborating with Speedwell on the management of the Miro and to increasing tenant satisfaction. Miro presents us with a solid, long- term investment and perfectly fits our strategy to build on the potential of assets for the benefit of our shareholders, tenants and the local community. The Miro is a testimony to our vision to leave a positive impact on the communities in which we invest through sustainable buildings.”

Didier Balcaen, CEO and Co-Founder of Speedwell added: “This transaction once again proves that a quality asset always attracts a quality buyer, not least because it attracts high quality tenants. We are very happy to have Hili Properties as our partner for Miro, knowing that our visions are aligned in properly managing, maintaining and further developing Miro as one of the key office locations in the Baneasa area.”

The Miro increases Hili Properties’ portfolio value from €173.8 million to €234.2 million and extends the total leasable area to 119,092 square metres. The company’s portfolio comprises seven grocery- anchored shopping centres across Latvia’s capital Riga; a private hospital in Bucharest, Romania; properties housing restaurants in key commercial districts in Estonia, Latvia, Lithuania, Malta and Romania; an industrial plant in Lithuania’s Klaipeda Free Economic Zone; and three dedicated business blocks and office space in Sliema, Marsa and Floriana in Malta.

Its tenants include Premier Restaurants, Swedish-owned supermarket giant Rimi, Norwegian newsagent/convenience chain Narvesen, and international industrial materials manufacturer Rehau.

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