Yitzhak Hagag, Co-founder & Chairman of Hagag Development Europe, spoke to Property Forum about the firm's strategic focus on diversifying into hospitality and energy while maintaining strong growth in its core office and residential segments. He noted that rental income rose by 32% as the company prepares for major luxury retail and hotel project deliveries.

Hagag has diversified its operations in Romania by entering the energy sector through the acquisition of BTD Distribuție și Furnizare, a Romanian company specialising in natural gas infrastructure development, distribution, and supply.

Yitzhak Hagag, Co-Founder and Chairman of Hagag Development Europe, talked to Property Forum about the company's investment pipeline north of €360 million and its ongoing developments in luxury retail, offices, residential and mixed-use projects.

Hagag Development Europe has partnered with Radisson Hotel Group to launch its first hotel in Bucharest under the Radisson RED brand. 

Hagag Development Europe has announced the acquisition of 50% of a multifunctional building near Herăstrău Park, as part of a partnership with Niro Investment Group.   

Hagag Development Europe is preparing to reopen the Știrbei Palace on Calea Victoriei, in H2 2025, as a luxury department store. 

CBRE Romania will get involved in the leasing strategy of H Știrbei Palace, a new shopping gallery for luxury brands developed by Hagag Development Europe in central Bucharest.

Hagag Development Europe has purchased a residential complex under development in Eastern Bucharest, located on a former industrial platform.

Office leasing in Bucharest reached 97,400 sqm in Q1 2024, up 71% compared to the same period of last year, while take-up transactions that cover relocations and new demand were flat year-on-year at 33,000 sqm, according to a CBRE report.

Hagag Development Europe has withdrawn from negotiations with SNC-Lavalin for the purchase of an office building in Bucharest, in a deal estimated to have reached over €8 million.