News Article Bucharest Hagag Development Europe retail Romania Yitzhak Hagag
by Property Forum | Retail

Hagag Development Europe has kicked off the construction works for the consolidation and repurposing of Știrbei Palace on Calea Victoriei. The building will be transformed into H Știrbei Palace, the company's first retail project in Bucharest.

The project encompasses, as well, the reconstruction of the former chariot house, which will serve tenants activating in the HoReCa industry. The construction works carried out by BTDConstruct & Ambient will unfold over the next 24 months.

“Once completed, H Știrbei Palace will be the first high-end department store to function in a historical monument building, with direct street access and exceptional positioning on one of the main ultra-central arteries in the capital city. Moreover, the project has already aroused the interest of some very prominent brands operating on the luxury goods market, and I am delighted to confirm that we are currently in advanced discussions with these brands’ representatives, whose consolidated demand covers almost 90% of the leasable area,” said Yitzhak Hagag, Co-founder and Controlling shareholder of Hagag Development Europe. 

Built in 1835, Știrbei Palace was a princely residence between 1849-1856. The most extensive changes were made to the property between 1881-1891, when architect Frederich Hartmann signed the project that transformed the facades of the building, bringing them to the current layout and appearance.