News Article Bucharest Hagag Development Europe office Romania Yitzhak Hagag
by Property Forum | Office

Hagag Development Europe has withdrawn from negotiations with SNC-Lavalin for the purchase of an office building in Bucharest, in a deal estimated to have reached over €8 million.

The deal faltered over contractual disagreements and lack of clarity regarding permits for the building, according to

The project has a leasable area of 5,800 sqm and its occupancy rate stood at 70% in June 2022, when Hagag signed the first purchase agreement for the property. 

If the deal would have gone through, Hagag would have converted the office building into a hotel. The developer has specialised in the purchase of old buildings that received new functions following significant investments.

In early 2023, Yitzhak Hagag, Co-Founder and Shareholder of Hagag Development Europe, told Property Forum that the company plans to invest around €130 million in the local property market in the upcoming years.