The Romanian market has attracted strong interest from international investors in recent years. Solid economic growth, improving perception and the availability of quality investment products have all contributed to the €400 million transaction volume registered in 2017. Andrei Văcaru, Associate Director of Capital Markets at JLL Romania explained Property Forum why Romania is on the right track.

Real estate developer Portland Trust and American investment fund Ares Management LP will invest €50 million in the development of the third building at Oregon Park in the northern part of Bucharest. The new office building will comprise25,000 sqm and should be completed by the end of 2018.

The significant increase in interest from international investors looking for the best formats of cooperation with local developers sends a powerful message to the market in Romania’s capital city. Importantly, the abovementioned interest applies not only to the office sector, but also to the retail and logistics ones.

Revetas Capital, an investment fund founded and managed by an American real estate broker Eric Assimakopoulos, is close to buying the Radisson Blu Bucharest hotel for €177.5 million, according to market sources. If completed, this will become the largest transaction on the Romanian property market in recent years.

Colliers International strengthens its office spaces consultancy team by hiring Sebastian Dragomir for the position of Office Advisory Director. Sebastian Dragomir has over 12 years of experience in real estate, time during which he has worked on the office, industrial, land and landlord representation segments and formerly occupied the position of Senior Leasing Manager at Immofinanz Romania.

The first Hilton Garden Inn hotel in Romania is to be opened by end-2017 in Bucharest. The 201-room hotel will be located within an historic listed building in the city centre. Hilton Garden Inn Bucharest Old Town will be administered by hotel management company Apex Alliance Hotel Management.

Bog’Art has been selected to build the new Bucharest headquarters of Renault, according to zf.ro. The new office building, to be named Renault Connected Bucharest, will comprise 47,000 sqm of office space.

Colliers International was assigned by Piraeus Bank to offer property management services for the office project The Landmark, in the central area of Bucharest. With this new project, the Colliers International team strengthens its position on the office property management market, and the whole managed portfolio reaches a total of over 320,000 leasable sqm.

The hotel market in Romania could become more diverse throughout the next year as a result of new brands entering the market by means of leasing or partnership contracts with real estate developers as an alternative to the management or franchise contracts. Such a business model will lead to the relaunch of the hotel market and will offer, at the same time, the possibility for real estate developers to diversify their portfolio, according to Colliers International. 

Israeli-held Elbit Imaging announced that it has signed a non-binding letter of intent with an international investment fund to sell its entire shareholding in a company owning the Radisson Complex in Bucharest, based on a property value of approximately €177.5 million.