ARTICLES LABELLED WITH TAG Romania

Last year, international law firm Kinstellar played a vital part in closing two of the largest transactions on the office market in Romania: Floreasca Park, sold to Resolution Property (member of the Fosun Group) and Zeus Capital for more than €100 million and two Class A office buildings owned by Skanska sold to S Immo for €97 million. This was in addition to a series of deals in logistics and other asset classes. Property Forum talked to Victor Constantinescu, Managing Partner of the Bucharest office and Co-Head of the firm-wide Real Estate Practice, about how the first year of the pandemic was and what’s next.

Pavăl Holding, the group controlled by the founders of DIY chain Dedeman, will have a new HQ in Bucharest. The holding is revamping Vila Hlebnikian that will serve as its main office. Construction works on the 2,800 sqm building will be completed by 2023, according to Profit.ro.   

WDP Romania, the developer and owner of industrial and logistics spaces, has received the Excellence in Design for Greater Efficiency (EDGE) certification for its local stock of warehouses. EDGE was created by IFC, part of the World Bank. It helps property owners and developers build and operate green buildings in a fast and affordable way. The certifications apply to WDP warehouses ranging from 2,500 sqm to more than 60,000 sqm. 

House prices in Romania went up by 2% in the fourth quarter of 2020 compared to the same quarter of the previous year, while across the European Union (EU) the average growth rate was 5.7%, according to Eurostat.

Nova Imobiliare, the owner of Colosseum Mall in Bucharest, plans to add a residential component near the retail project. 

Brașov-based real estate developer Qualis Properties has listed its bonds on the Bucharest Stock Exchange (BVB). The company carried out a private placement through which it attracted almost €2.1 million, by selling 3-years maturity bonds with a fixed yearly interest of 9%. 

Hotel chain Accor has signed a management contract with the owner of Binderbubi Hotel & Spa in Mediaș. As part of the agreement signed with local company Daflog, the hotel will be the seventh in Romania to join the Mercure network. 

Hypermarket chain Kaufland, part of German Schwarz Group, has increased its investment target in Romania in 2021. In 2020, the company opened 20 new stores, purchased land, and carried out upgrade works as part of a €300 million investment effort. 

Romanian developer Nordis Group has announced the acquisition of several plots of lands with a combined surface of 23,000 sqm in the seaside resort of Mamaia. 

Real estate developer Hanner has inked a partnership with a restaurant operator that will join the Fosta Fabrică mixed-use project, located near the Gara de Nord railway station in Bucharest. The company will invest over €40 million in the complex project, which includes the restoration and conversion of four monument buildings.