In February 2021, the N3 building of GTC’s Green Heart office complex in Belgrade has obtained a LEED Gold certificate, thus finalising the certification process for the whole complex. Completed in 2020, Green Heart comprises five Class A buildings providing 46,300 sqm of office space.

The market for mortgage loans was dynamic in 2020 and this trend is continuing in early 2021, while the segment of consumer loans is narrowing, says Sergiu Oprescu, President of the Association of Romanian Banks (ARB). 

Last year, international law firm Kinstellar played a vital part in closing two of the largest transactions on the office market in Romania: Floreasca Park, sold to Resolution Property (member of the Fosun Group) and Zeus Capital for more than €100 million and two Class A office buildings owned by Skanska sold to S Immo for €97 million. This was in addition to a series of deals in logistics and other asset classes. Property Forum talked to Victor Constantinescu, Managing Partner of the Bucharest office and Co-Head of the firm-wide Real Estate Practice, about how the first year of the pandemic was and what’s next.

Pavăl Holding, the group controlled by the founders of DIY chain Dedeman, will have a new HQ in Bucharest. The holding is revamping Vila Hlebnikian that will serve as its main office. Construction works on the 2,800 sqm building will be completed by 2023, according to Profit.ro.   

WDP Romania, the developer and owner of industrial and logistics spaces, has received the Excellence in Design for Greater Efficiency (EDGE) certification for its local stock of warehouses. EDGE was created by IFC, part of the World Bank. It helps property owners and developers build and operate green buildings in a fast and affordable way. The certifications apply to WDP warehouses ranging from 2,500 sqm to more than 60,000 sqm. 

House prices in Romania went up by 2% in the fourth quarter of 2020 compared to the same quarter of the previous year, while across the European Union (EU) the average growth rate was 5.7%, according to Eurostat.

Nova Imobiliare, the owner of Colosseum Mall in Bucharest, plans to add a residential component near the retail project. 

The first phase of Atenor’s BakerStreet office project in District 11 of Budapest has received the final building permit. Located at the intersection of Szerémi and Hengermalom Roads, BakerStreet Phase 1 will be implemented as a Class A+ office development on 17,000 sqm and will be handed over in Q1 2023.

Brașov-based real estate developer Qualis Properties has listed its bonds on the Bucharest Stock Exchange (BVB). The company carried out a private placement through which it attracted almost €2.1 million, by selling 3-years maturity bonds with a fixed yearly interest of 9%. 

The latest online panel discussion by Property Forum focused on real estate financing strategies in the second pandemic year. Influential bankers, CFOs and advisors discussed, with the moderation of Csanád Csürös, CEO of Property Forum, how the perception of real estate as an asset class has changed and how the pandemic impacted financing conditions.