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For thirty years, Legal Netlink Alliance has served the needs of clients worldwide.

ONV LAW Advised Aveuro International in Landmark Acquisition of Historic Bucharest Property

Oct 21, 2024 – Bucharest, Romania

ONV LAW announced that the firm has successfully completed a complex transaction involving a landmark building in Romania's capital city of Bucharest. Our business law team assisted Romanian investor Aveuro International in acquiring the full share package of Bluehouse Investment, which owns EVA store, a historical building in Bucharest.

The 1,700 sqm property is located in the city centre, on Magheru Boulevard, and is currently leased to retailer Mega Image (Delhaize Group), one of the leading chains in Romania.

The real estate market in Romania has experienced steady growth in recent years, with increasing interest in residential and commercial properties. Real estate investments are stimulating, and strategic investors' acquisition of commercial spaces has become a more common practice. These investors seek to capitalize on long-term profitability potential and diversify their portfolios. Overall, the market continues to be dynamic, with long-term growth prospects,” said Radu Nemeș, Managing Partner at ONV LAW.

ONV LAW was involved in all stages of the transaction, assisting in the due diligence process, the structuring, preparation, and negotiation of the transaction documents, as well as complex negotiations with the Greek bank of Bluehouse Investment.

The transaction represents an important moment for the real estate sector and a crucial step in developing our client's portfolio. We are grateful for the opportunity to assist a significant market player in a successful local real estate transaction. Through this deal, our client has taken over the entire share package of Bluehouse Investiții, which holds ownership of the property where the Eva store once operated,” said Lorena Ciobanu, Partner at ONV LAW.

The multidisciplinary ONV LAW team involved in this transaction was coordinated by Partner Lorena Ciobanu, in the Corporate Law practice. The team also included Senior Associate Bogdan Carpăn, Senior Associate Ana Petrescu, and Associate Mihai Pisică, within the same practice. The legal team was supported by Radu Nemeș, Managing Partner and coordinator of ONV LAW's Real Estate and Foreign Investment practice.

The former clothing store "Eva" was erected in the 1960s, during the Romanian Communist regime, after the building of an early twentieth century art museum was torn down to make way for more modern architecture. The Eva Store was an iconic shopping destination in the heart of the capital Bucharest for over 50 years, in a country suffering from the hardships of the Communist regime, where the retail landscape offered very little diversity and insufficient quantity.

Archive pictures of Eva Store in Communist Romania

Bluehouse is a private equity real estate investment and asset management firm focused in Central and Southeastern Europe. Founded in 2004, the firm manages capital across multiple funds, investing on behalf of a diverse investor base, including financial institutions, pension funds, endowments, multimanager funds and family offices.

Aveuro International is a Romanian company launched in 2007 in the business of public transports later expanding to assembling and fitting minibuses for intercity, touristic, school and employee transportation. Its business has extended to several countries in Europe.