Hagag Development Europe has announced the acquisition of 50% of a multifunctional building near Herăstrău Park, as part of a partnership with Niro Investment Group.
This new addition expands the developer's portfolio by over 6,800 sqm of office and retail space. The building has a gross built area of approximately 10,000 sqm and includes retail space on the ground floor, office space on the upper levels, and around 100 parking spaces.
The property will be known as H Herăstrău Park and will be operated and managed exclusively by Hagag Development Europe.
Yitzhak Hagag, Cofounder and Chairman of Hagag Development Europe, stated, "H Herăstrău Park marks two important milestones for our company: on one hand, we are consolidating our current offer in terms of office and retail space, and, on the other hand, we are expanding our presence towards the northern part of Bucharest, beyond the residential projects currently under development in the area."
The building is set to undergo a light refurbishment, with the first tenants expected in July 2025.
Currently, 18% of the office space is leased, and the company is in advanced discussions to lease over 2,500 sqm of additional space.
Hagag Development Europe anticipates an occupancy rate of at least 70% by the end of the year.
The deal value was not made public.
