ARTICLES LABELLED WITH TAG Romania

Real estate developer Hagag Development, part of Hagag Group Israel, breaks ground on its largest residential project to be developed in Romania: H Pipera Lake. Out of the total number of 390 apartments to be delivered in the first phase, 45% have already been sold.

The total modern retail stock in Romania, which includes both retail parks and shopping centres, has reached approximately 3.7 million sqm in the first half of 2019 and around 130,600 sqm are expected to be brought on the market by the end of the year, according to CBRE's latest research report.

Over the past five years CBRE, through the Building Consultancy Division, has managed the building projects of three production units in Romania with a surface area of approximately 50,000 sqm that totals customer investment of over €100 million.

Colliers International Romania has been assigned to provide property management services for the office complex The Office in Cluj-Napoca, owned by Dedeman, the DIY store chain who marked their entrance on the real estate market in 2018 by acquiring The Bridge offices in Bucharest. Thus, the total portfolio managed by Colliers reaches almost 500,000 sqm: 210,000 sqm are located outside Bucharest, out of which over 100,000 sqm represent offices only.

Around 77% of Bucharest’s modern office space is within 10 minutes’ walking distance from a metro station, according to the latest data from Colliers International. The interest in office developments is still focused on northern and western locations, as the largest office deliveries by the end of 2020 will be near Aurel Vlaicu (73,200 sqm) and Politehnica (58,400 sqm) metro stations.

Colosseum Centre, located in North-West Bucharest has secured with Credit Europe Bank the funding required to develop the current stage of expansion, that is the shopping mall, with fashion, leisure and food brands. JLL Romania has advised the developer in obtaining the funding.

AFI Europe signed a non-binding letter of intent for the acquisition of NEPI Rockcastle’s office portfolio in Romania, with a total built area of approx. 170,000 square meters. AFI Europe will have exclusivity to conduct a due diligence in respect of the Class A office buildings with a total value of approx. €310 million.  

Colliers International Romania has been assigned to provide property management services for Business Garden Bucharest, the newest office complex developed by Vastint Romania, in the Orhideea area in Bucharest. As a result, Colliers reaches a managed portfolio of over 400,000 sqm and strengthens its property management activity for offices in the Capital’s Center-West area.

In the first half of this year, MLP Group signed 22 lease contracts for a total of 217,000 sqm of warehouse space in Poland, Germany and Romania. This is more than double the previous year’s figure, of just over 100,000 sqm.

AFI Europe has signed a pre-sale agreement with Plaza Centers N.V. for the acquisition of 75% of the shares in the Casa Radio Project, for the price of €60 million.