White Star Real Estate has partnered with an unnamed US endowment fund to acquire the Liberty Technology Park in Cluj-Napoca, Romania from Fribourg Development, the real estate division of private equity group Fribourg Capital.
Financial details were not disclosed.
'As far as I am aware, the acquisition of Liberty Technology Park represents the first time a US university endowment fund has invested directly into the Romanian real estate market, demonstrating our confidence in the development of Cluj-Napoca in general and of the potential for the innovative tenant profiles within the Liberty Technology Park,' said Brian Patterson, founder of White Star Real Estate.
Liberty represents 18,000 m2 of former industrial buildings, redeveloped over the last six years by Fribourg into a modern, office park with an additional three hectares of land for further development. Located in the northern part of the city, Liberty Technology Park enjoys the presence of internationally renowned tenants, such as Siemens, IBM, Arvato and Altran.
White Star Real Estate will manage the existing property as well as the development of the next phases of the project.
Colliers International brokered the deal.