ARTICLES LABELLED WITH TAG Romania

One and a half years after starting work on the site in the western part of Bucharest, Globalworth has finalised the construction of Renault Bucharest Connected (RBC). The project includes 40,000 sqm of Class A offices, served by an underground level with approximately 240 parking spaces, with a further 760 spaces outdoors. Renault Bucharest Connected includes an 8,000 sqm design centre, and the employees who work there will benefit not only from a 350 seat amphitheatre but also other facilities such as a restaurant, gym and a medical office.

The local real estate market has entered a new year of development on all its major segments, as developers plan to deliver industrial, retail and office spaces with a cumulated area of 1.2 million square meters, a new market record. In comparison, new spaces of around 850,000 square meters were delivered in 2018, according to data from Cushman & Wakefield Echinox.

French logistics and transport services provider FM Logistic has opened a €20 million dedicated cold storage warehouse in Bucharest to meet demand from the growing pharma and healthcare industry in Romania.

AFI Tech Park, AFI Europe Romania’s latest business campus in Bucharest, announced two new tenants of AFI Tech Park 1, the first building of the office complex: New Work and Afcon Electra Romania. Following this transaction, AFI Tech Park 1 reaches an occupancy rate of 80%

CTP is the first real estate developer to reach a historical milestone: 1 million sqm of built area spread in 13 logistics and industrial parks throughout Bucharest and nine other cities, strategically located in Romania.

Office building transactions on the Romanian market reached the highest level of the last decade in 2018, as 20 assets with a total GLA of 220,000 square meters and a value of more than €500 million were transacted only in Bucharest, according to Cushman & Wakefield Echinox.

AFI Europe Romania has signed a non-binding letter of intent with Plaza Centers for the acquisition of the majority stake (75%) of the Casa Radio, located in the centre of Bucharest. The value of the offer amounts to €60 million.

Developers and real estate investors completed land acquisitions with a cumulative value of around €245 million last year in Bucharest, a new record for the past ten years, according to the Cushman & Wakefield Echinox which has monitored 31 medium and large transactions.

Morgan Stanley Real Estate Romania is reportedly considering the acquisition of the Hermes Business Campus office project in Northern Bucharest, according to zf.ro.

United Business Center 2 (UBC 2) in Timișoara was awarded a LEED Gold certification. UBC 2 adds up to 18,000 sqm leasable area and was opened in early 2017. The building is a part of the Openville Timișoara mixed-use project currently developed by Iulius and Atterbury Europe in the vicinity of Iulius Mall.