ARTICLES LABELLED WITH TAG Bucharest

AFI Europe Romania has received the building permit that allows for construction works to begin on AFI City, the first residential project developed by the company in Romania. The building process has been divided into phases, the first one being scheduled to begin in the next 2 months.

The supply of new Class A office space delivered in Bucharest in 2017 was absorbed almost entirely by demand, as per a report by CBRE regarding the office market in 2017, which also says 90% of the office space area completed in 2017 has already been leased.

Each new office leasing contract signed in Bucharest last year created at least 130 new jobs. Dimitrie Pompeiu and South sub-markets made the top, with more than 200 new jobs per transaction, according to the latest JLL market report.

CTP and DSV, the fifth biggest global transport and logistics companies, signed a leasing agreement for approximately 40,000 sqm in CTPark Bucharest West. CTP invested about €12 million in the development of the new logistics spaces occupied by the Danish company in the first days of February.

Skanska’s commercial development unit in CEE has announced the appointment of Aurelia Luca as Managing Director for Skanska Property Romania. She will also become a permanent member of Skanska CEE’s commercial development unit Management Team with immediate effect.

The European Bank for Reconstruction and Development (EBRD) said it has subscribed €50 million into a €500 million Eurobond first issuance by NE Property Cooperatief, a company owned by CEE-focused real estate investment trust NEPI Rockcastle.

CTP will complete the construction of several warehouses and start new developments in its three logistics parks situated in the vicinity of the Romanian capital: CTPark Bucharest West, CTPark Bucharest and CTPark Bucharest North (former Chitila Logistic Park). It is estimated that by the end of 2018 their cumulated surface will reach approximately 680,000 sqm. CTP plans a total expansion of at least 300,000 sqm at national level.

In 2017 the Bucharest office market has posted results close to the 2016 record ones, taking into consideration transactions in Class A and B buildings. 2018 is expected to bring growth and new demand from players that are going to enter the market, but also of the existent ones who will extend or relocate. The annual Knight Frank report – European Commercial Property Outlook – estimates that European commercial property markets enter 2018 with positive momentum.

Revetas Capital Advisors LLP and Cerberus Capital Management, L.P. and its affiliates announced the acquisition of Project Nemo, a leading hotel complex with approximately 86,000 sqm of gross leasable area in a prime location in Bucharest, Romania. The complex includes the Radisson Blu and Park Inn hotels, featuring a total of 697 guest rooms operated by the Rezidor Hotel Group, as well as approximately 7,500 sqm of prime retail space anchored by high-end tenants such as Burberry and Hugo Boss.

Microsoft has launched a tender to consolidate its Bucharest offices in a new location. The company is looking for 20,000 sqm of modern office space and is willing to pay around €3 million a year for rent, zf.ro reports citing market sources.