SEE Property Forum 2017, a real estate conference co-organised by Property Forum and RICS, has been held for the third time in Bucharest. 50 speakers and more than 200 visitors came together in the capital to analyse the potential of the Romanian real estate market from a global perspective.
The mindset of end-users is quickly changing in the world of real estate and developers looking to stay in the race need to keep up with current trends. This trivial statement is especially true in the case of a dynamically growing market such as Romania, which has gone through significant changes in recent years. Sorin Visoianu, Country Manager of Operations at Immofinanz told us what he thinks is driving the Romanian commerical property market.
The EBRD is joining forces with Mid Europa Partners to strengthen Romanian supermarket and convenience chain Profi Rom Food S.R.L. by providing a €25 million equity investment. Profi operates around 523 stores in more than 272 localities throughout Romania. The EBRD’s financing will support a further expansion of the network, particularly into the country’s smaller towns.
2016 was a strong year for the Romanian commercial property market with a continued boom in the office segment and growing investment volumes. Ilinca Paun, Managing Partner at Colliers International talked us about current trends and expectations for the future.
Owner Strabag has put the five-star JW Marriott Hotel on the market, zf.ro reports. The potential sale is reported to have attracted interest from various foreign and local investors, including the Paval brothers, the owners of DIY retailer Dedeman. The value of the 402-room hotel is estimated to be around €100 million.
Optim Project Management was assigned as General Designer for a new mixed commercia (retail & offices) development in Timișoara. Optim PM will also provide project management services for this new project.
According to Christie & Co's recent hotel market snapshot, Bucharest is an emerging market for hotel investments. While the city's hotel market may yet to fully recover from the financial crisis, it has made tremendous progress in recent years, reporting upward trends in key performance indicators and growing investor interest.
Immofinanz rented approx. 80,000 sqm of office space in Bucharest during the abbreviated 2016 financial year. That represents more than 40% of the total standing office portfolio in Romania. These transactions are expected to increase the occupancy rate in the office sector in Romania from roughly 88% to more than 94%. New rentals and expansions accounted for roughly 47,000 sqm or 60% of the rented space, while the remainder represents contract extensions.
Colliers International announced that Luke Dawson has returned to Colliers International, effective immediately, in the role of Managing Director & Head of Capital Markets for Central & Eastern Europe (CEE).
Flex office provider CitySpace is to open a 3,500 sqm centre in the MidPoint71 office building in Wrocław. The centre, which is to open on July 1st, will offer a range of 400 workstations. This is to be CitySpace’s fourth location in Wrocław.
The Australian Embassy in Warsaw has changed its headquarters. The Australian diplomatic mission has taken over 780 sqm of office space in Rondo 1 office building. CBRE assisted the Embassy in signing the lease.
FORUM Towarzystwo Funduszy Inwestycyjnych (FTFI) is set to join tenants of Kraków’s Wadowicka 3 office complex. The company will occupy 880 sqm on the fifth floor of the building, owned by Partners Group & Reino Partners. JLL supported the tenant in the process of lease negotiations.
New appointments
Fidurock integrated the retail portfolio into their structure and appointed Petr Vondrášek as a new Head of Retail Portfolio as of July 1st 2022.
Garbe Industrial Real Estate CEE expands its teams in the region with the appointments of Veronika Zacha and Jan Hradecky, both are coming from Panattoni. Veronika Zacha is joining as Senior Business Development Manager for Czechia and Jan Hradecky will hold a Project Manager position.
Colin King has been appointed Strategic Advisor of Romanian PropTech Bright Spaces. King has worked for over 30 years with large public companies and private mid-cap growth businesses, all with revenue well in excess of £1 billion.
Property Forum is a leading event hub in the CEE real estate industry with nearly 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Budapest, Bucharest, Bratislava and Prague, amongst other locations.
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