ARTICLES LABELLED WITH TAG Bucharest

Romanian property company Impact Developer & Contractor said its net profit amounted to 39.9 million lei (around €7 million) in 2023, down by more than 59% versus 2022 over lower revenue from residential sales.

Lion’s Head Investments, the commercial real estate investor owned by Old Mutual Property and AG Capital, has secured €150 million in fresh funding from the International Finance Corporation (IFC), part of the World Bank Group.

The occupancy rate in Bucharest’s hotel market was up 5% in 2023 compared to the previous year, but it remains around 10% under 2019. However, average revenue per room was up 12%, which is higher than in pre-pandemic times, according to a Cushman & Wakefield Echinox report.

Hungarian construction company Kesz Group has expanded in the Romanian residential segment and will start its first housing project in northern Bucharest. Following this move, the group will act as a construction and developer player on the local market.

Coworking space operator betahaus has opened its first hub in Bucharest, marking its entrance in Romania. The company has leased space in the Premium Plaza office project owned by GTC in central Bucharest.

Bucharest’s office stock edged close to 3.4 million sqm at the end of 2023, following the completion of projects with a combined area of 110,000 sqm last year. However, the market will see fewer deliveries by the end of 2025 as developers have put projects on hold due to uncertainties around demand caused by the adoption of hybrid work.

Existing office buildings will be increasingly sought after by companies due to a lacklustre development pipeline in Bucharest, which will continue to drive contract extension deals in Bucharest.

Romanian developer Prima Development Group has kicked off the construction of the second phase of its Prima Vista residential complex based in northern Bucharest.

AmCorp will invest around €41 million in two residential projects located in Crevedia and Domnești, near Bucharest, while looking to expand its land bank.

P3 Logistic Parks recorded in Romania industrial lease deals with a combined surface of more than 170,000 sqm during 2023 in P3 Bucharest A1 industrial park, with occupancy rates driven by retail and logistics companies.