ARTICLES LABELLED WITH TAG Bucharest

Land in Bucharest continued to attract the interest of real estate developers this year, considering that in the first nine months of 2018, lots with a cumulated surface of over 60 hectares on which around 8,000 dwellings, 180,000 square meters of offices as well as commercial spaces can be developed, according to an analysis of Cushman & Wakefield Echinox.

Portland Trust has acquired a 16,000 sqm plot of land on Jiului street near Bucurestii Noi Boulevard. The transaction price is estimated at about €5-6 million, according to zf.ro.

Belgian entrepreneur Yves Weerts has completed the construction of the 73-meter-tall Unirii View, the tallest office building in the Romanian capital, following an investment of €33 million.

Globalworth released its interim report and unaudited consolidated financial results for H1 2018. The company continued to expand heavily in its core markets, Poland and Romania.

The number of employees in Class A and B office buildings in Bucharest has reached about 253,000 at the end of the first semester of 2018, a slight increase compared to the end of 2017. In H1 2018, the number of employees working in companies with headquarters in modern office buildings in the capital increased by 3,000, according to estimates of Cushman & Wakefield Echinox. Considering the office projects whose delivery is announced for the second half of the year, the number of employees in modern office buildings in Bucharest could rise to 270,000 by the end of 2018.

In line with its development strategy for AccorHotels branded hotels in Eastern Europe, in particular on the very promising Romanian market, Orbis signed 3 new agreements in recent weeks for a total of 370 hotel rooms.

Telekom Romania announced the sale of two plots of land located in the Floreasca area of Bucharest to One United Properties. The transaction price exceeded €18 million.

Globalworth has secured a €46 million loan from BCR, which will be used for developing Connected, Renault’s new HQ in Bucharest.

Lithuanian company Apex Alliance, the owner of the Hilton Garden Inn hotel in Bucharest’s old town, will invest €90 million in four new hotels on the Romanian market. The hotels will operate under Marriot International and Hilton World Wide brands.

Bucharest’s Floreasca/Barbu Vacarescu area is the most valuable fusion between retail and office spaces. According to Colliers International Romania, for every 1,000 sqm of offices, there is 35-40 sqm of retail space. In total, in the Floreasca/Barbu Vacarescu area, there is about 10,000 sqm of such spaces at the ground floor of the office buildings, with the rents generated by these holding a share of 4-5% of the total cashed in by landlords.