One United Properties continues to develop its Bucharest-based office portfolio which has reached an estimated value of almost €400 million. Property Forum spoke with Mihai Păduroiu, CEO of the Office Division of One United Properties, about the transformation in the office market triggered by the pandemic and the drivers of demand going forward.

AFI Europe Romania says that all its office portfolio comprising seven projects has received the Well Health-Safety Certification.  

Bergam Design House will manage the renovation process of Grand Hotel Bucharest, former Intercontinental Bucharest, as part of an €21 million investment that will be completed in 2024. 

Romanian developer One United Properties recorded revenues of 1.1 billion lei (€222 million) during 2021, up 105% year-on-year, while the gross profit expanded almost two-fold to 603.5 million lei (€122 million) over higher residential sales and increased rental income. 

Romania's Impact Developer & Contractor says it sold 430 residential units during 2021, of which pre-sold apartments sales gained 37% to 250 million lei (€50.5 million), while the rest of 183 units were worth 138 million (€27.8 million). 

Fashion House Outlet Centre Pallady will undergo an expansion of 5,674 sqm roughly one year after the delivery of the first phase of the project located on the eastern outskirts of Bucharest. 

List prices for residential properties in Romania rose by 3.4% in the last quarter of 2021 compared to the previous three months. 

With six new office buildings slated for delivery this year, the leasable stock will grow by 135,700 sqm, which is the lowest level since 2017, according to real estate consultancy CBRE.

Romanian developer Forty Management has secured a syndicated loan worth €65 million for a new mixed-use project in Bucharest. 

Fortim, a member of the BNP Paribas Real Estate Alliance, has expanded its property management portfolio with the office project Maestro Center in Cluj-Napoca and Tureni Industrial Park in Cluj County.