Author
Michelmores has advised Corporate Finance House on the largest commercial property deal in Bucharest this year, namely the Day Tower office building.
Corporate Finance House Group (CFH) is an investment bank, a wholly owned subsidiary of First National Bank Group, operating in the Middle East region. CFH has successfully executed an extensive number of transactions including advisory assignments, placements and private equity/real estate transactions with an aggregate value in excess of US $4 billion. CFH’s current geographical reach extends to the Levant region, the GCC, Europe, and the USA.
Day Group (the “Seller”) is an International Property Development and Investment platform, engaged in the Design, Engineering, Construction, Redevelopment and Lease/Sale of commercial and residential property.
Day Tower is a brand new Class A office building, close to the historic centre of the city, in the immediate vicinity of the National Library of Romania and Bucharest City Courthouse, and close to the Palace of Parliament Building, the second largest administrative building in the world after the Pentagon. The building hosts, under a long-term agreement, the country headquarters of Enel, a global leader in the energy sector.
The deal was structured as a corporate wrapper involving the sale by a Greek owned Cyprus company which owned the Romanian target company. The purchaser was a Luxembourg company in the CFH group. Karim Chamseddine of CFH is a long established client of Michelmores. The Michelmores team was led by partner Philip Newhouse supported by Naomi Hall and Callum O’Doherty. The acquisition was completed on 17 October.
CFH was advised by Michelmores; Stratulat and Albulescu (Bucharest); Savills London; Savills Prague; Crosspoint Real Estate (Bucharest); Deloitte ( Bucharest and Cyprus); Van Kampen Lien (Luxembourg).
Day Group was advised by Philip Ross and Co; Nestor Nestor Diculescu Kingston Petersen (Bucharest); KG Law (Greece); Scordis and Papapetrou (Cyprus).
Author