ARTICLES LABELLED WITH TAG Bucharest

Israeli company Shikun & Binui has signed an exclusive letter of intent to acquire the 76,000 sqm Hermes Business Campus office complex in Northern Bucharest from Belgian developer Atenor, according to profit.ro.

Romanian real estate developer One United Properties has obtained the building permit for the One Verdi Park mixed-use project that will include office and residential units.

Corporate Finance House Group, a Middle Eastern investor, has acquired the holding structure owning Day Tower office building in Bucharest, developed by Dimitris Mourkakos of Day Group and completed at the end of 2018. The investor was advised by Savills on its first investment in the country, while the developer was assisted by Crosspoint Real Estate.

In Q3 2019, 66,000 sqm of new modern office buildings were handed over in Bucharest and there are big chances to break the 300,000 sqm threshold by the end of the year, according to Colliers International. The higher vacancy and infrastructure discrepancies will likely support a more thorough segmentation of the market, with the gap between well-located buildings and those at the opposite spectrum likely to increase over the medium term.

Work is well underway on site at Forte Partners’ U Centre, a new, eight-floor office development in the Bucharest. The investment is valued at €200 million.

The first boxes with orders from a Polish clothing manufacturer have already set off from the warehouse just outside Bucharest. Thanks to the launch of the fulfilment centre with an area of 22,000 sqm LPP is now able to do deliveries to customers from South-Eastern Europe even the next day after the transaction. The warehouse will handle online orders for all five brands of LPP: Reserved, Cropp, House, Mohito, and Sinsay.

Expo Market Doraly, one of Romania’s largest shopping parks specialized in home items and food products, located in Afumati, near Bucharest, announced plans to develop a 10,000 sqm retail park following a €6 million investment.

Spanish-based developer, Gran Via Real Estate, completed the residential project Aviatiei Apartments with 291 units in Bucharest, followinga total investment of €17 million (construction cost, without land value).

The Asset Services department of Cushman & Wakefield Echinox has taken over the administration of the Colosseum shopping centre since October 1st, thus expanding its portfolio in Bucharest with a project in full expansion.

JLL has completed the first phase of the modernisation of the Liberty Center shopping centre in Bucharest, owned by three banks (Alpha Bank, Bank of Cyprus and Eurobank) following the insolvency of developer Mivan Kier. Occupancy rate at Liberty Center has reached 91%, following a €400,000 investment.