US-owned Bucharest Properties REIT has appointed real estate consultancy Colliers to provide full corporate leasing services for Vitan Estates, Bucharest's first residential development exclusively for rental.

Property developer STC Partners has obtained the building permit for both phases of the Quartier Azuga residential complex, along with the Green Homes pre-certification and will start construction works for the first phase this autumn. 

Industrial developer CTP has obtained the first BREEAM Outstanding certification in its Romanian portfolio for the Clubhaus multifunctional space, part of CTPark Bucharest West. 

Romanian property company Impact Developer & Contractor has completed a new phase in its Greenfield Băneasa project in northern Bucharest. The recently delivered phase has a market value of more than €16 million.

Residential developers have been the most active in terms of land acquisitions in the past 2.5 years, as they secured land plots which allow the construction of more than 30,000 units in all parts of Bucharest, according to data from real estate consultancy Cushman & Wakefield Echinox. 

Property developer Prime Kapital has obtained the construction permits for the second and third phases of the residential component of Silk District, the mixed-use scheme located in Iași. 

Andreea Mihai has been appointed as the new CEO of Hagag Development Europe, tasked with overseeing the development of the Romanian operations. 

Polish retail developer Scallier has completed four retail parks in Romania to date, after the opening of a new project spanning 9,000 sqm in Turda in late September. 

The total stock of retail park spaces in Romania will exceed the supply of commercial spaces located in shopping malls if the current investment activity continues, according to a report by real estate consultancy Fortim Trusted Advisors, member of the BNP Paribas Real Estate Alliance. 

In the first half of the year, Globalworth’s net profit significantly improved to €32.6 million (H1 2021: €12.5 million) due to a fair value gain on investment property and an increase in the share of profit of equity-accounted investments in joint ventures. Globalworth released its interim report and unaudited consolidated financial results for H1 2022.