ARTICLES LABELLED WITH TAG Bucharest

The World Bank Office in Romania and the District 5 City Hall of the Municipality of Bucharest signed a reimbursable advisory service (RAS) agreement – a form of technical assistance - to support the implementation of urban development solutions that will boost growth and improve the quality of life in District 5.

S Immo has completed the upgrade of the Sun Plaza shopping centre in Bucharest and reopened all reconfigured areas to the public. The €30 million remodelling has added 11,000 sqm of new retail space to the shopping centre.

Strabag SE, through its Romanian subsidiary, has been awarded the contract to build a 110 m tall office tower in central Bucharest. The contract has a value of about €39 million. Completion is scheduled for October 2019.

Israeli-owned company Hagag Development Europe plans to invest €70 million in new projects in the Romanian capital. The developer has recently acquired two buildings on Calea Victoriei for €20 million and a 3 ha land plot near the Pipera forest. Hagag will invest a further €50 million in the procurement and development of the projects.

In Romania, the peak of the real estate cycle is often delayed compared to other countries in the region and market dynamics don’t allow for a true warm up. Ana Dumitrache, Head of Investment Properties at CBRE Romania shared her expectations for the market.

MT&T Atalian has been chosen to provide technical maintenance services for the ten-storey high office building The Bridge in Bucharest, under the management of the Colliers International team.

The hotel capacity in Bucharest is seen rising by at least 10% in the next three years, considering the hotel projects planned or under construction, with new hotels to be developed in most big cities in Romania too, as the local market saw the seventh consecutive year of growth in 2017, C&W Echinox reports.

Globalworth has completed the acquisition of two additional land plots adjacent to its assets on the Gara Herastrau/Barbu Vacarescu corridor of Bucharest for approximately €16 million. These plots are anticipated to allow for the development of 40,000 sqm of commercial (predominantly office) space. The company published an update for its operations.

Hagag Development Europe is investing over €90 million in its first Bucharest project and the company’s largest residential project in Romania, H Pipera Lake.

Romanian developer One United Properties plans to launch a residential project (One Mircea Eliade) with 250 apartments and the construction of a 24,000 sqm office building (One Tower) next to Bucharest’s Floreasca Lake, on the site of the former Automatica site.