ARTICLES LABELLED WITH TAG Bucharest

Local developer One United Properties, owned by businessmen Andrei Diaconescu and Victor Capitanu, has acquired the land of the former Ventilatorul plant and an office building near Victoriei Square in Bucharest from Immofinanz. The deal is valued at €39 million, Ziarul Financiar reports.

Crosspoint Real Estate, an international associate of Savills in Romania, has assisted the sale of the Bank of Cyprus building from SIF Banat Crişana to a firm belonging to a Romanian businessman. Crosspoint negotiated on behalf of SIF Banat Crişana both in the acquisition stage of the building, and later at the sale stage to the private investor.

JLL advised Metro in the process of consolidating its distribution centres into a one roof concept in the new project developed by WDP in the North area of Bucharest, Stefanesti. This is the largest transaction on the Romanian industrial market in this year.

Cordia Romania, the residential division of Hungary’s Futureal Group, plans to invest €50 million in new projects million next year. The company aims to deliver about 500 apartments per year on the Bucharest residential market, designed for the medium and medium-high segments.

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.