ARTICLES LABELLED WITH TAG Bucharest

Romanian developer Prima Development Group has obtained a loan of €16.8 million from Libra Bank for the first phase of a new residential complex in Bucharest. 

WE RENT Bucharest, the first residential rental platform in Romania under the Vitan Estate brand, has appointed its Board of Directors at the beginning of this year. Kimberly Vrânceanu was named President of the Council, and Violeta Niculae is a member of the Board of Directors and Executive Director of the platform. 

With 17 new brands entering the Romanian market in 2022 and the opening of 11 new retail parks, the total stock of retail projects came close to 4.1 million sqm. On this backdrop, new opportunities appear in the market for developers as the available commercial spaces are mostly rented and the vacancy rate is 3% in malls and even lower in retail parks, according to CBRE.

Romanian developer One United Properties has purchased 5 hectares of land in Bucharest for a new mixed-use development in a deal worth €35 million. The company plans to develop One Cotroceni Towers, which will have a gross development value in the range of €400 million. 

While the overall value of land transactions in Romania totalled €450 million during 2022, two-thirds of the traded volume was generated in Bucharest, mostly in the residential segment, according to Colliers Romania. 

Romanian developer Genesis Property says it is committed to achieving zero carbon emissions for the buildings in its portfolio by 2030. This will be achieved by investments in energy efficiency and production from renewable sources.

CPI Property Group has announced the completion of the modernization process of the myhive Victoria Park building in Bucharest. The building completes the myhive building portfolio in Bucharest, which includes 4 other properties, including myhive S-Park, myhive Metroffice, myhive IRIDE | nineteen and myhive IRIDE | twenty.

Transactions of new office rental, relocation and pre-rental in Romania’s regional cities reached 70,393 sqm during 2022, which was 22% more than in 2021. Almost 90% of the lease deals were closed in cities that are university centres such as Iași, Cluj-Napoca and Timișoara,  according to a report by Fortim Trusted Advisors.

The number of flexible offices in Romania climbed to 120 at the end of 2022, with 21 new coworking centres opened in the post-pandemic period, according to a report by real estate consultancy Crosspoint Real Estate. 

Property group Globalworth says it has delivered office fit-out services for 50 tenants in 12 buildings based in Bucharest that totalled 250,000 sqm.