ARTICLES LABELLED WITH TAG Bucharest

2018 ended with a significant premiere on the local real estate market: Romanian investors ranked second in the generated volumes by nationality. Almost €200 million were spent to buy commercial properties (about a quarter of the total volume), a significant leap of more than five times compared with 2017, according to Colliers International.

Local real estate developer One United Properties has started the construction of a residential project located on a 3,835 sqm land plot in Bucharest’s Timpuri Noi area, zf.ro reports.

Just before the end of 2018, GTC S.A. signed €94.6 million new loan agreements certifying the financial solidity of the company. The refinancing was granted to three prime projects of the developer and asset manager – GTC White House in Budapest, FortyOne in Belgrade, and Artico in Warsaw.

The Bucharest Court of Appeal has ruled that 224 hectares of land in Bucharest’s Baneasa area, home to some of Bucharest’s largest retail projects and the U.S. Embassy, must return to the state. The decision is not final and can be challenged, zf.ro reports.

Belgian developer WDP has signed a €45 million deal for the development and lease of 77,000 sqm of logistics warehouse space for the Romanian arm of French retailer Auchan.

Developer Nova Imobiliare has started the construction works for Colosseum Mall as part of the expansion plan for its Colosseum shopping centre. The construction of the mall will be carried out by Axa Trans Construct, designated as the general contractor following a selection process.

Portuguese group Sonae Sierra announced that it purchased the 50% stake held by its former Joint Venture partner Caelum Development in Bucharest’s ParkLake shopping centre with the intention of consolidating its presence in Romania.

P3 Logistic Parks has acquired a 16-hectare site in Dragomiresti Vale, a prime logistic location on the north-west outskirts of Bucharest. A new 80,000 sqm logistics park – to be known as P3 Bucharest NW Ring Road – is to be developed on the site, which has direct access to the newly extended Bucharest Ring Road and provides easy access to all parts of the Romanian capital, as well as the A1 and A3 highways.

Orbis Hotel Group, a strategic partner of AccorHotels, continues its expansion in Romania by signing a management contract for ibis Politehnica Hotel in Bucharest with its partner and investor Novum Business Services SRL.

Futureal Group has exited its €19 million mezzanine financing provided to Caelum Development for the development of ParkLake shopping centre in Bucharest, Romania. The 70,000 sqm GLA project was developed by a joint venture between Sonae Sierra and Caelum Development. Futureal Group will intensify its activity in Romania through its residential investments subsidiary, Cordia. The company has recently announced a €50 million worth of investment plan in Bucharest for the next year, part of a long-term roadmap for the local market. Cordia division plans to deliver about 500 apartments per year, designed for medium and medium high segments.