CBRE office in charge of South East Europe region (SEE), advised on the acquisition of GTC’s office assets in Belgrade Serbia. The transaction included 5 office schemes which is 11 buildings in total comprising approximately 122,000 sqm of leasable area in total. As the largest office transaction which ever occurred in Serbia, as well as the entire SEE region in general, it is a sign of confidence in Belgrade’s growing office market especially as the transaction occurred one year after the escalation of the COVID-19 pandemic.
All 5 office schemes are located in New Belgrade – central business district of Serbian capital with all of them representing landmark properties in their micro areas. With the average occupancy of more than 90%+ across the portfolio means that the assets managed to successfully retain high occupancy during the hardest period of COVID-19 pandemic and offer their tenants the necessary comfort in turbulent times. CBRE advised Indotek Group in the acquisition process, which is one of the leading commercial real estate investors in Hungary, with ambitious plans to also expand further into other counties of South Eastern Europe (SEE), primarily Croatia and Bulgaria.
Uroš Grujić, Head of Investment at CBRE South Eastern Europe (SEE), on this occasion said:
“We would like to congratulate both Indotek and GTC on successfully closing one of the most recognized office portfolios in Belgrade. It is an honor to be a part of such a landmark transaction, which is to put Belgrade even higher up on investor maps and attract more capital which is considering in penetrating the Belgrade’s growing office market which had stable supply & demand dynamics for more than 15 years. Going forward, we expect a few more key office transactions to close by year end further confirming investor appetite for the Belgrade office market.
Despite the pandemic, Serbia and the entire South Eastern Europe region are showing strong performance across all commercial asset classes. Retail assets in the last few months are showing turnover figures in line or above pre-COVID levels, as well as employees returning back to offices in major capacities. Industrial & logistics assets have been the most interesting real estate segment and not impacted by the pandemic at all. The confidence in office segment is being confirmed by the development volumes, as well as investor interest for standing assets we see increasing on daily basis.”