Fabian Romania buys Evocenter office building in Bucharest for 4.9 mln eur

Fabian Romania Property Fund Ltd said it will purchase the Evocenter office building in Bucharest for 4.9 mln eur and said it expects a 9 pct yield from building, once fully let.

Fabian Romania said the seven-storey Class A building will be completed in summer this year and will have 3,000 square meters of lettable area.

Israel-based developer Adama Group has already leased half of the available area in the building, the release added.

The real estate investment trust said it will fund the acquisition through its own resources and that debt drawdown is expected to be in the third quarter 2007, reducing ongoing equity requirement to around 1 mln eur.

forbes.com