ARTICLES LABELLED WITH TAG Bucharest

The areas in northern Bucharest, such as Stefanestii de Jos and Chitila, have the potential to form a new logistics hub, according to Colliers International. Over 180,000 sqm of logistics space is to be delivered next year, as the West of the capital has become loaded in terms of the development of industrial and logistic spaces.

Forte Partners plans to invest €25 million in the development of a new office building in the centre of Bucharest. The property will offer 8,400 sqm of leasable space.

The Central and Eastern European (CEE) hospitality market is showing a positive evolution, with all the performance indicators higher than in the previous year. Between 2013 and 2017, Bucharest stands out with an average increase of overnight stays of 10.1% per year, the highest in the region, according to Cushman & Wakefield’s latest report.

pbb Deutsche Pfandbriefbank has provided a credit facility of €43 million to Revetas Capital Fund III for the acquisition of the newly built office complex called The Landmark, in Bucharest, Romania. It is envisaged that an affiliate of Cerberus Capital Management will join Revetas in this transaction. pbb acted as arranger and sole lender under the facility.

Ikea has postponed the opening of its €80 million second store in Bucharest for next year. The opening of the store in Eastern Bucharest was initially scheduled for the end of this summer.

Orbis Hotel Group, the strategic partner of AccorHotels, has signed a management contract for a new ibis Styles hotel in the city centre of Bucharest.

CBRE advised coworking operator Spaces on leasing 4,100 sqm of office space in Expo Business Park, located in the Expoziției area of Bucharest. The leasing contract exceeds the market average length of five years.

CEC Bank and Veranda Mall have signed two financing agreements totalling €34 million, aiming to refinance the development of the project and finance the expansion and modernisation of the shopping centre. Both funding rounds were provided in the form of investment credits for a period of 15 years.

Belgian real estate developer Didier Balcaen is investing €15 million in a residential project called Triama Residence in the National Arena neighbourhood of Bucharest, profit.ro reports.

Companies in Bucharest that operate in modern office buildings have monthly occupancy costs ranging between €175 and €500 per employee, according to an analysis by Cushman & Wakefield Echinox.