Real estate developer Hagag Development Europe continues its investments in Bucharest by adding a new office property to its local portfolio: Tudor Arghezi 21. The transaction value exceeds €9 million.
The property covers a plot of land of 1,507 square meters and enjoys a total built area of 7,013 square meters displayed over a height regime of UG + D + GF + 6F + 7R. The building is located right in the city centre.
“For us, 2019 was an extraordinary year: we broke ground on two important projects and we are very close to completing construction works on our first office project. We have also continued the market prospecting activities and we are pleased to announce this new investment - Tudor Arghezi 21 - which will host a new Hagag Development Europe project”, said Ana-Maria Pop, Chief Operating Officer of Hagag Development Europe.
The building will maintain its original destination and will serve the office market segment. In the first stage, starting the first quarter of the following year, the building will undergo an extensive transformation process. Over €4 million will be invested in the reconsolidation, repartitioning and modernization of the building.
"The office market will undoubtedly maintain its role as one of the important engines of the real estate sector, and our property on Tudor Arghezi street will bring Km 0 of Bucharest back in the eyes of the companies interested in relocation", Ana-Maria Pop added.
