Adval Asset Management

A solid and unique team in Romania, blending local and international expertise in real estate management with corporate financing and business management.
We Add Value.

David Hayward

"We see in perspective. We see beyond present value.
We focus on maximizing our clients investment performance and financial stability.
We do not just manage individual assets, but a portfolio of investments"

Ioana Momiceanu

"We strive for perfection, we are committed to our goals and our approach is client orientated. We have earned our clients' confidence and we work every day to maintain the relationship"

Monica Constantinescu

"We make things happen. We do not only have ideas but we strive to implement our strategies, to accomplish our goals for the benefit of our clients"

Adval Approach

 

Adval Asset Management Srl ("Adval") is an independent Romanian Real Estate Management Company set up and owned by a team of professionals with strong expertise in real estate management, business management, commercial and investment banking, real estate development, financing, tax, legal and marketing.

With over Euro100mn (98,000sqm) of assets under management, Adval has become a market leader in the Real Estate Management of office, industrial, retail and residential properties across Romania.

Adval creates additional value to our clients through:

  • Sourcing Product and Co-Investment

    With our depth of experience on the Romanian market and strong links with the banking industry we are well aware of all the opportunities available in the Romanian market, not just the assets being sold through agents but also off market transactions as well as real estate secured loans and REO’s that are now being offloaded by the banks.

    With funds available for co-investing and the team and infrastructure having the full set of skills to manage the investment process from acquisition through to exit; we are fully aligned with clients interested in investing in Romanian real estate.

  • Value Creation

    We create additional value through lease management by optimising space and reducing vacancy. Our experience, network and exposure allow us to know what is happening in the market. We are therefore able to react quickly to the active requirements and conclude leases that create value for our clients, as evidenced by our more than 90% occupancy ratio.

  • Reducing Management Costs

    We make significant cost savings through economies of scale and investment in technology. Streamlining property management will reduce non-recoverable costs as well as service charge for tenants making the assets more commercially attractive.

  • Financial Structuring

    While the local banks were not really lending we were sourcing mezzanine and bridge finance from international markets which allowed us to successfully renegotiating loan extensions and debt terms, reaching agreements that extended maturities. Now that the lending markets are opening up we are looking to restructure our clients portfolio’s to reduce overall borrowing costs and align financing with our clients longer terms investment strategy. 

  • Enhancing Existing Income

    We work with our tenants to provide the accommodation they need, we work hard to retain tenants in our buildings with competitive renewal options well ahead of existing lease expires as well as ongoing technical support to make their use of the space comfortable.

Adval Services

Adval is an owner managed business platform that has assembled a team with strong local asset management capability, with its core management specialized in real estate asset management, business management, commercial and investment banking, real estate development, financing, tax, legal and marketing.

 

 


Together with its sister company Concept Facilities, Adval provides services such as Asset Management, Financing and Refinancing, Corporate Restructuring, Portfolio Management, Property Management and Facility Management.

 

Adval Core Competencies

  • Real Estate Asset and Portfolio Management

    The team has so far successfully managed a combined EUR1.5bn worth of real estate assets, spread over various types like office, retail, residential, industrial and leisure. This includes due diligence, acquisition, development, asset managing and disposals.

  • Fundraising and Debt Management

    Our core team is specialised in investment banking, with expertise in international fundraising for some of the largest investment banks and private businesses. The team has expertise in fund structuring, listing and M&A. The combined equity and debt raising to date stands in the region of EUR1.2bn.

  • Property Management

    Our property management team are complemented by a highly sophisticated IT platform being a Romanian tailored, Property Management and Accounting Package provided by MRI (www.mrisoftware.com). This platform provides full cash management, invoicing, indexation, service charge reconciliation and up to date management reporting information to support fast strategic decisions and recommendations.

  • Sourcing Product and Co-Investment

    With our depth of experience on the Romanian market and strong links with the banking industry we are well aware of all the opportunities available in the Romanian market, not just the assets being sold through agents but also off market transactions as well as real estate secured loans and REO’s that are now being offloaded by the banks.

    With funds available for co-investing and the team and infrastructure having the full set of skills to manage the investment process from acquisition through to exit; we are fully aligned with clients interested in investing in Romanian real estate.

  • Corporate Structuring

    We have set-up and restructured portfolios under holding companies using various EU jurisdictions for efficiency and tax optimisation.

  • International/Institutional Management reporting

    Having first-hand experience of what is expected by institutional investors, we understand the importance of management information and have invested heavily in a robust IT platform which combined with rigorous procedures means we are able to provide investors with the information they need to understand the performance of their investment. 

  • Real Estate Development

    The team has specialized members that have managed real estate projects in all phases and all types exceeding EUR200mn in investment value. We can also offer best use studies, structure and development project on land plots to maximise value.

  • Non-Performing Loans

    We have first-hand experience in working out NPL’s, having restructuring over EUR35mn of real estate backed NPL’s on behalf of our clients. In addition we have advised a number of private equity funds in the due diligence process of a number of high profile disposals by Romanian banks.

  • Facility Management

    Concept Facilities was set up in 2013 and is responsible for both operational and technical aspects of our buildings under management.

Meet Our Experts

David Hayward
Managing Partner, Head of Asset Mgmt.
Ioana Momiceanu
Partner, Head of Leasing & Property Mgmt.
Monica Constantinescu
Partner, Business Development Director
Bogdan Mariniuc
Investment Manager
Petra Rogin
Operations Manager
Voicu Ramona Amalia
Chief Accountant
Lucia Branza
Senior Accountant
Marius Dobre
Technical Director
Simona Cherciuc
Executive Assistant
Cristina Slusariuc
Property Manager
Madalina Axente
Property Manager

David Hayward
Managing Partner, Head of Asset Management

David has 14 years' experience in the real estate business since qualifying as a Chartered Accountant with PricewaterhouseCoopers. David worked at Morgan Stanley London where he was Head of European Real Estate Controllers overseeing MSREF and MSRESS fund investments in Germany, France, Spain and the UK. In 2007 David moved to Bucharest to be the CFO of a number of real estate funds for which he raised E85mn of investment commitments.

In 2008 he founded Richmond Management which was Investment Advisor to the Curzon Capital Residential Investment Fund acquiring E5mn of residential projects in Bucharest. David then joined Quintet (later to become DPGS) as a key advisor to Dinu Patriciu on all aspects of real estate.

After acquiring three listed property companies and taking them private, David was actively involved in developing the portfolio strategy and its implementation including debt buy backs, corporate restructuring, management streamlining and asset disposals particularly in Sweden, Belgium, Germany and Romania. Taking over the Managing Director role of the Romanian portfolio in 2009 involved overseeing and implementing best in class asset and property management of the existing assets as well as overseeing joint venture projects (The Lakeview and New Town Residence) and three development projects including Romana Offices and Pantelimon Logistics Center.

In 2013, David set up Adval Asset Management together with a number of colleagues from his time at DPGS. Richmond Management was renamed Concept Facilities and successfully entered into the Facility Management business within Bucharest before being acquired into the Adval group in 2014.

Ioana Momiceanu
Partner, Head of Leasing and Property Management

Ioana has over 20 years' experience in the commercial property business and she is a member of the Royal Institute of Chartered Surveyors (RICS). She has previously managed two start-up offices in Romania: Jones Lang LaSalle (JLL) in 1995 and CB Richard Ellis (CBRE) franchise in 2001. She was CBRE's Managing Director for 7 years from 2001 to 2008. Between 2008 and 2010, Ioana was the CEO of BNP Paribas Real Estate Romania.

To date, Ioana has advised on the disposal/acquisition of more than 100,000 sqm of commercial spaces to/by international occupiers and has gained significant experience of the mechanism in all sectors of the Romanian real estate market and strong expertise in Landlord representation and Asset management.

During the last few years, Ioana has focused on maximizing the overall performance and occupancy ratio of the Liberty Properties portfolio.

Monica Constantinescu
Partner, Business Development Director

Monica has worked in project management since 2004 originally on European Union succession projects working with various administrative institutions and ministries. In 2007, Monica joined a real estate company as part of their investment advisory team, responsible with sourcing projects suitable for a development fund, preparing board recommendations, obtaining approvals, closing transactions, monitoring the projects and preparing investors' reports.

In 2008, Monica worked as investment adviser to a residential fund managing the acquisition process of residential projects off-plan, closing transactions and monitoring construction as well as leasing. Monica joined Adval group of companies in 2013 and is responsible for the business development of the Adval group, corporate strategic planning and restructuring, implementation of the group's business plan.

Bogdan Mariniuc
Investment Manager

Bogdan joined Adval’s team in May 2015 as our Investment Analyst assisting the top management in undertaking major investment decisions. He is in charge of assets portfolio performance analysis, providing management reporting information, recommendations and solutions that will facilitate strategic decision making.

Bogdan gathered four years of financial experience with exposure on audit, tax and business development, previously holding the position of Business Development Associate and Financial Auditor for Ernst and Young.

Bogdan is also involved in further enhancement of our Romanian tailored, MRI Property Management and Accounting software platform to provide us with even greater management information.

Petra Rogin
Operations Manager

Petra has more than 8 years of experience in corporate solutions, management of operations, coordination of suppliers and human resources. In 2008, Petra joined the team of BNP Paribas Real Estate in Romania as Administrative Director, when she was appointed responsible for the Compliance and Permanent Control function within the company.

She was also responsible for risk control management and business continuity planning. Prior to this position, Petra worked as Office Manager with HR responsibilities for CB Richard Ellis (CBRE). Petra joined Adval in 2014 as Operations Manager with her primary responsibility to ensure organizational effectiveness and efficiency of the support functions within the company.

Voicu Ramona Amalia
Chief Accountant

Ramona joined Adval Asset Management in October 2014, in order to consolidate our accounting team. As Chief Accountant within our Accounting Department she will actively and consultatively support the business making sure the company’s cost allocations are in line with the management overviews and decisions.

She will mainly be responsible for overseeing all aspects of Adval’s accounting function from monthly consolidated financial statements to payments, cash-flow reporting, and timely closing of accounts.

Both our team and our collaborators will benefit from her effective communication skills and overall financial expertise.

She previously held two defining roles as Chief Accountant and Payroll and Personnel leasing Coordinator with VON Consulting, a Romanian HR consultancy company, her professional activity exceeding ten years of relevant experience in accountancy and human resources field.

Lucia Branza
Senior Accountant

Lucia is a senior accountant with over 10 years experience in the financial field. She has a great experience in the SPV’s accounting and she is committed to improve the flow of the financial operations of the clients owning assets under management.

In our accounting department she has a great input in implementing the Accounting Software Package provided by MRI platform. As senior accountant she deals with third parties, customers and suppliers accounting, treasury, banking operations, revenues and expenses, returns, records of the inter-company loans, reporting to local institutions according to legal provisions.

In September 2014 she accepted to become part of Adval’s team, after being a close collaborator of ours, previously working as accountant for Liberty Management since 2011.

Marius Dobre
Technical Director

Marius holds the position of Technical Director within Adval Group of companies, a well trained professional in his field of expertise, supervising all technical and maintenance services for several properties in our portfolio. He is a qualified mechanical-electrical engineer, who previously worked with renowned companies such as Vaillant, Viessmann, Daikin and having worked in engineering, technical maintenance and project management with Amber Technologies.

In 2007, Marius joined MS Pro Consult and Immoeast as project manager for several large projects such as Euromall Galati and Cinema City, Euromall Pitesti. In 2009, Marius became Internal Services Director at Adevarul Holding until October 2011 when he took over the facility management business of Liberty Management real estate portfolio.

Simona Cherciuc
Executive Assistant

Simona joined Adval in September 2014. Prior to becoming our trussed Executive Assistant she held the position of secretary within Liberty Management, working closely with the management of the company and the executive staff. It is our turn to benefit from her experience, and from her most important skills: organization, flexibility and responsibility.

Simona plays an important role in keeping the office running smoothly, always careful at small details and, most importantly, at others needs. Her main duties evolve around managing the day-to-day clerical operations of the office, maintaining and organizing files and records, planning meetings and scheduling appointments, staying in touch with our suppliers and always providing quality assistance for the team.

Cristina Slusariuc
Property Manager

Cristina who has been part of the team since 2008 is one of our Property Managers and is responsible for the property administration of five office buildings coordinating tenant relationships, rent collection, service charge reconciliation and indexations.

Within the Adval group, Cristina is also overseeing the facility management services provided by Concept Facilities Srl, supervising both administrative and technical maintenance of the properties under portfolio.

Madalina Axente
Property Manager

Madalina is responsible for the residential project NewTown where she has worked for the last three years, managing tenant and owner relationships, ensuring that quality services are delivered to more than 500 apartments.

She is overseeing all technical maintenance works that are delivered on site, the property administration, rent collection, monthly service charge reconciliation as well as the execution of all new sale purchase agreements and lease contracts.

Before joining Adval in March 2014, Madalina worked for Mivan Group the developer of the NewTown project.

Assets Under Management

Baneasa Center
Sos. Bucuresti-Ploiesti 19-21
Banu Antonache
Str. Banu Antonache 40-44
Cascade Offices
Str. Buzesti 62-64
Romana Offices
Bd. Dacia 20
Cubic Center
Sos. Pipera, nr 1B
Adevarul Office & Print Center
Bd. Dimitrie Pompei 10
Pantelimon Logistics
Ilfov-T39, Bucharest ring road
Berthelot Office Villa
Str. General Berthelot 43-45
New Town
Str. Dristorului 91
Poiana Brasov Site
Poiana lui Stechil Street
Space available to let

Baneasa Center - Sos. Bucuresti-Ploiesti 19-21

Property

  • Asset Class | Office
  • Year of Construction | 2002/2003
  • Lettable Area (sqm) | 9500
  • Parking | 132
  • Occupancy Ratio | 92%
  • Key Tenants | Volsbank, Enereco, Hunt Oil, BSH

Description

Baneasa Business Center is a prominent office building and comprises nine floors of flexible open plan office accommodation above ground. The building was built in two phases during 2002 and 2003 and was one of the first buildings in Bucharest to offer accommodation suitable for international tenants. There are 132 dedicated underground and above ground car parking spaces.

Location

The property is located in the established office district of north Bucharest. The building has an excellent visibility adjacent to the underpass in Baneasa. The location offers excellent car access with the city centre and the international airports (Baneasa and Otopeni). Public transport facilities are convenient with numerous bus and tram lines in the vicinity that serve the whole city.

Space available to let

Banu Antonache - Str. Banu Antonache 40-44

Property

  • Asset Class | Office
  • Year of Construction | 2006
  • Lettable Area (sqm) | 4472
  • Parking | 79
  • Occupancy Ratio | 100%
  • Key Tenants | Opel, DTZ Echinox, BNP Paribas

Description

The property was built in 2006 and provides five floors of high specification open plan office accommodation above ground and two levels of parking underground. Situated prominently on the corner of a busy intersection the building is well known as one of the most attractive office developments in Bucharest.

Location

The property is located in central Bucharest just off Calea Floreasca, one of the most affluent districts in the city. It is a popular commercial and residential location with a wide range of retail amenities nearby. The location enables easy access to the city centre and the international airports (Baneasa and Otopeni). Public transport facilities are good with numerous bus and tram lines.

Space available to let

Cascade Offices - Str. Buzesti 62-64

Property

  • Asset Class | Office
  • Year of Construction | 2005
  • Lettable Area (sqm) | 4211
  • Parking | 31
  • Occupancy Ratio | 100%
  • Key Tenants | Procredit Bank, Enel, Taiwan

Description

The property was built in 2005 and comprises six floors of office accommodation above ground and one level of underground parking. The building has a very distinct architectural design with its curved colorful facade. The property provides efficient office accommodation and flexible floor space.

Location

The property is prominently located at a corner point on Strada Buzesti, one of the main arterial routes leading south from Piata Victoriei, in the heart of the Bucharest central business district. The location enables easy access to the city centre and the international airports (Baneasa and Otopeni). Public transport facilities are very good with bus and tram lines and Victoriei metro station just adjacent to the site.

Space available to let

Romana Offices - Bd. Dacia 20

Property

  • Asset Class | Office
  • Year of Construction | 2011
  • Lettable Area (sqm) | 2488
  • Parking | 34
  • Occupancy Ratio | 100%
  • Key Tenants | Swiss Capital, Tud Consulting, Simpology

Description

Romana Office is a headquarters style property that comprises six floors above ground and two floors of underground parking providing 34 spaces. The building has been designed to a high specification to provide cutting-edge office accommodation in the heart of the city. The building offers a modernly designed reception area with ground floor retail space let to a renowned food provider, both with direct access to Blvd. Dacia.

Location

The property is located in the prime central business district adjacent to Piata Romana and has frontage to Blvd. Dacia, a busy road in the heart of Bucharest. Public transport facilities are excellent with a metro station and a major hub for buses and trolleybuses within two minutes walk of the building.

Space available to let

Cubic Center - Sos. Pipera, nr 1B

Property

  • Asset Class | Office
  • Year of Construction | 2009
  • Lettable Area (sqm) | 27587
  • Parking | 497
  • Occupancy Ratio | 31%
  • Key Tenants | Agricover, Promidea, Nexte Bank, Patria Credit, Luatel

Description

Cubic Center is a landmark office building built in 2010 and comprises twelve floors above ground with three levels of underground parking. Cubic Center is one of the most significant office developments completed in Bucharest. The building is designed to a high specification, allowing efficient and easily divisible office accommodation with excellent on site amenities.

The entrance to the premises is through an impressive ground floor lobby and reception area. There are generous floor to ceiling heights throughout and the building is served by five passenger lifts. The 12th floor is specifically designed to provide state of the art conference facilities for up to 400 people. Parking is available at ground and three underground levels, providing 447 spaces below and 50 visitor spaces at ground level.

Location

The property is located in a prominent position in Pipera, a district to the north of Bucharest. The area has met a significant concentration of office development over the last years, due to proximity to the city and international airports (Baneasa and Otopeni). The newly built overground passage Pipera connects the area even better to Barbu Vacarescu/Aviatiei neighbourhoods.

Public transport to the property is by metro, bus and tram. The Property is serviced by a private shuttle bus ensuring timely transportation for employees, from Aurel Vlaicu-Metro Station to Cubic Center.

Space available to let

Adevarul Office & Print Center - Bd. Dimitrie Pompei 10

Property

  • Asset Class | Office
  • Year of Construction | 2010
  • Lettable Area (sqm) | 9630
  • Parking | 24
  • Occupancy Ratio | 95%
  • Key Tenants | Adevarul Holding, Tipomedia

Description

The property comprises two adjacent buildings, an office building and a printing centre. The office building is a former industrial space converted to provide the headquarters of Adevarul publishing group. Adevarul publishes a number of magazines and newspapers including the popular free paper Adevarul.

The printing centre is a brand new state of the art building, designed specifically to house the specialised printing machinery which includes heavy lifting equipment allowing efficient storage and movement of the printing paper around the facility. The building allows for significant space savings compared to other printing centres of a similar capacity.

Location

The property is situated in the north of Bucharest on Fabrica de Glucoza nr. 21 Street and is within walking distance of the Dimitrie Pompei metro station. It is well connected in terms of road infrastructure being close to the DN1 leading out of northern Bucharest and the recently opened A3 highway which links Bucharest to Ploiesti.

Space available to let

Pantelimon Logistics - Ilfov-T39, Bucharest ring road

Property

  • Asset Class | Logistics
  • Year of Construction | 2012
  • Lettable Area (sqm) | 9883
  • Parking | 110
  • Occupancy Ratio | 100%
  • Key Tenants | Pioneer, Meitav Europe

Description

The property is a logistics development deployed on 3.4 hectares of rectangular shape, with utilities and services connected to the site. The project includes the disposal of three warehouses, with total built area of 9883sqm of storage. All the three Units are fully occupied.

Location

The Property is close to Bucharest, near the Pantelimon forest and adjacent to the National Customs Authority in Bucharest. It is situated on the east side of the ring road 6 km away from the A3 motorway (opened to circulation until Ploiesti) and 10 km from the entrance to the A2.
The A2 motorway is a very important commercial route that links Bucharest to the seaport of Constanta whilst the A3 will link Bucharest to the north of the country.

Space available to let

Berthelot Office Villa - Str. General Berthelot 43-45

Property

  • Asset Class | Office
  • Year of Construction | 2007
  • Lettable Area (sqm) | 1100
  • Occupancy Ratio | 23%
  • Key Tenants | A.T. Kearney

Description

The property was originally constructed as a residential villa. The building has a total built area of 1,100sqm including an underground level, ground floor and 3 upper floors. The building retains many of it's original features but was fully refurbished in order to accommodate modern commercial use.

Location

The property is located in district one of Bucharest, in the close proximity to the most affluent areas of Bucharest, such as Victoriei Square and Romana Square, areas in which many office buildings, exclusive residential properties, restaurants and luxury hotels are concentrated.

Space available to let

New Town - Str. Dristorului 91

Property

  • Asset Class | Residential, Commercial
  • Year of Construction | (Phase 1/2) 2009/2012
  • Built Area residential (sqm) | 31184
  • Built Area commercial (sqm) | 3276
  • Parking | 121/343
  • Key Tenants | Billa, Smart Steps

Description

The property comprises a 20.000 sqm site , on which a residential project was developed in two phases. Each phase consists of five blocks; two with five floors above ground and three with twelve floors above ground, 802 parking spaces are provided over two underground floors.

The residential units offer modern turnkey, fully finished apartments with generous two meter wide terraces. The development also offers commercial spaces, a kindergarten. The generous apartments, whose interior designs reflect the latest trends in the field are fully fitted.

Location

The property is located at the crossroads of two main streets in Bucharest; Str. Dristorului nr 91-95 / Str. Baba Novac 8A. The property is 4km away from Piata Unirii and benefits from good public transport facilities with bus, tram, trolleybus stops and a metro station within a short walk.

Space available to let

Poiana Brasov Site - Poiana lui Stechil Street

Property

  • Asset Class | Development Site (Leisure)
  • Site Area (sqm) | 11086

Description

The neighborhoods of the property include accommodation spaces like resorts and hotels as well as restaurants. The nearest hotels are: Hotel Alunis, Rina Tirol Hotel, Casa Viorel, Ruia Hotel and Poiana Ursului. The area has all urban utilities. The building situated on the site is represented by former workshops and old storage spaces.

Location

The property is located in the north of Poiana Brasov Resort, on the north side of Poiana lui Stechil street, 100m from the intersection with Poiana Ursului Street, approximately 500m north-east from the center of the resort. The street is a two lane paved road that climbs from Poiana Ursului street to the east. Poiana Ursului is a street that leads to the parking of the resort.

News

May 2017

New Renewal - Adval has concluded a lease extension with a tenant in Baneasa Center for 335 sqm of retail space, for a further five years. The prolongation is until 2025. 

New Renewal - Adval has also concluded another lease extension in Baneasa Center for 626 sqm of office space, for further two years, until 2022.

April 2017

New Renewal - Adval has concluded a lease prolongation, for further 5 years, as well as an expansion of extra 180 sqm of retail space with a key tenant in Banu Antonache. 

February 2017

New Lease - After we have successfully managed to restructure and refinance Media Center Offices, in November 2016, we have concluded a new lease agreement for 150 sqm of office space and are in negotiations with other potential clients. 

Contact

For further information please contact us at:

Adval Asset Management

Baneasa Business Center, 19-21 Bucuresti-Ploiesti Rd, 9th Floor,

Sector 1, Bucharest, 013682, Romania

T: +40 (0) 31 104 0035 | F: +40 (0) 21 361 1166