Property developer GTC has completed the refurbishment of its City Gate Complex office project in Bucharest following an investment of €3.5 million.

While Bucharest’s office stock totaled 3.3 million sqm at the end of the third quarter of 2022, there were only five new office buildings completed and just another one will be delivered by year-end, which would make it a 5-year low for the market, according to real estate consultancy CBRE. 

Global Vision and Globalworth Industrial are expanding their joint portfolio with Mureș City Logistics, an industrial and logistics last mile project with a total leasable area of 18,000 sqm. The new investment is slated for delivery in Q1 2023. 

Investment fund NEPI Rockcastle has taken over the stake held by Carrefour in Ploiești Shopping City for an undisclosed sum. Following the transaction concluded in September, NEPI Rockcastle has become the sole shareholder of the shopping centre. 

The Romanian self-storage market has reached a leasable area of 25,000 sqm in 2022, which was just 0.2% of the total European market, according to real estate consultancy CBRE.  

Romanian construction group Bog’Art has completed the development of its own luxury residential project Art City in northern Bucharest, which is valued at more than €20 million.  

Property Forum is excited to announce the shortlist of nominees for its annual SEE Property Forum Award Ceremony which celebrates the best projects, most impactful transactions and most inspiring personalities of the Romanian market. The winners will be selected by a jury committee comprising leading real estate professionals and the recipients will be announced at our Awards Gala and Exclusive Networking Party on 25 October, part of our annual SEE Property Forum conference.

Close to 50% of the warehousing surfaces for which lease contracts were signed in 2022 were transacted during July – September of this year, according to real estate consultancy Dunwell Industrial Brokerage. 

Investment transactions in Romania’s commercial property sector amounted to €656 million in the first three quarters of 2022, which was up 16.5% compared to the same period of last year, with offices driving deal volumes, according to real estate consultancy JLL Romania. 

Property developer and investor Prime Kapital has announced a new urban regeneration project on a 5.6-hectare plot near the Bega river in Timișoara.