The price was not disclosed by the parties.

The portfolio, acquired by the real estate investment vehicle owned by the Paval family, has 165,000 m2 of total leasable area and is considered the most complex and long-term successful office portfolio in Romania.

Despite the change of ownership, the management team will remain the same, led by Marian Roman, who also oversaw the local operations of CA Immo for the last 12 years.

Marian Roman will head the new division of Paval Holding Properties called Europolis Office.

Karina Paval, VP Paval Holding, said: ‘With this major investment, we confirm once again our trust in the long-term potential of the Romanian real estate sector. The Paval Holding's portfolio is now consolidated with top-performance office buildings, in key locations from Bucharest. More than that, we are happy to also retain the local management team, a solid and experienced team, which will continue to ensure the success of our portfolio. Together with the 165,000 m2 of offices, we could say that we have also gained over 100 years of experience.’

Marian Roman, managing director, Europolis Office Division, part of Paval Holding Properties, commented: ‘I am happy to join the Paval Holding team and to contribute to the development of a premium real estate portfolio, 100% Romanian. In a dynamic real estate market, the experience and the stability of a team can make the difference both in terms of building occupancy and client retention. Our results, such as leases longer than 15 years and portfolio occupancy rate stable at almost 100%, are the result of our team efforts.’