InterContinental Romania has finalized the hotel operating contract with IHG Hotel & Resorts so the name of the property in central Bucharest will be changed to Grand Hotel Bucharest. 

CBRE has appointed Carmen Ravon as Head of Retail Occupiers for Central and Eastern Europe (CEE) in a bid to consolidate operations in the region.

Property company Hagag Development Europe has taken over a land plot of 1,362 sqm in the high-end area of Primăverii in Bucharest for €8 million plus VAT. 

Properties in the mountain tourist areas have become more interesting for investors, according to a report by Savills, with demand having grown significantly in the first quarter of this year. 

Kid Group has kicked off the development of a new residential complex in northern Bucharest following an investment of €35 million. 

Romania is expected to see only moderate growth on the horizon. Serbia, having recorded the biggest expansion of almost 100% in the 2014-2020 period, is foreseen to plateau in the upcoming years, according to the Eastern European Construction Forecasting Association’s 2021 Winter Construction Forecast Report.

Property group Immofinanz says it has sold the former retail project Armonia Center Arad to investment fund Oresa for an undisclosed sum. The buyer plans to develop a mixed-use scheme with industrial and retail components.

Property developer Alesonor says it has obtained the construction permit for the first villas of Amber Forest complex it will develop in the suburbs of Bucharest. 

Property developer Scallier says it has secured a building permit for a new retail park located in Turda. The project will have a leasable area of 9,000 sqm and has already attracted a mix of retailers.

BIG Shopping Centers, Israel’s leading shopping center development group, announced the sealing of the first deal for the group’s energy branch. BIG Energia Holdings Kft., BIG Group’s wholly owned subsidiary, engaged in the agreement to acquire all the shares of a Romanian company which holds the rights for the wind turbines erection project in the Braila district of Romania. The project is planned to incorporate seventeen turbines, each of 6-Megawatt capacity, estimated to produce 102 MW in total.