The CEO of TriGranit is still optimistic for 2017 on the Budapest property market, but he expects some kind of correction in the coming years. The question is: will this correction take place in the form of a market stabilisation or will it bring on a significant downturn? Árpád Török talked to Property Forum about TriGranit’s plans for new developments and acquisitions.

The significant increase in interest from international investors looking for the best formats of cooperation with local developers sends a powerful message to the market in Romania’s capital city. Importantly, the abovementioned interest applies not only to the office sector, but also to the retail and logistics ones.

Revetas Capital, an investment fund founded and managed by an American real estate broker Eric Assimakopoulos, is close to buying the Radisson Blu Bucharest hotel for €177.5 million, according to market sources. If completed, this will become the largest transaction on the Romanian property market in recent years.

CTP will invest €15 million in developing a new logistics park near Cluj-Napoca, Romania. CTPark Cluj II will be located in Floresti, Cluj County and will have a total leasable area of 29,000 sqm.

AFI Europe set the cornerstone of AFI Brasov, the company’s third shopping mall in Romania and announced the advancement of construction works. AFI Brasov will include 200 shops and retail units with 80% of total space already leased. The first stage of construction includes a shopping center with a total gross leasable area of 45,000 sqm and one of the two Class A office towers that stretch over an area of 25,000 sqm GLA. The investment at this stage is of over €120 million. The company estimates that the delivery date of the project is Q1 2019.

The Romanian commercial property market has turned over a new leaf in recent years. Thanks to growing interest from international investors 2017 is set to become a record year on the Romanian investment market. The industrial market is among the segments growing especially strongly with one player in particular expanding its portfolio rapidly. Ana Dumitrache, Co-Country Head of CTP Romania shared her take on the Romanian market.

Colliers International strengthens its office spaces consultancy team by hiring Sebastian Dragomir for the position of Office Advisory Director. Sebastian Dragomir has over 12 years of experience in real estate, time during which he has worked on the office, industrial, land and landlord representation segments and formerly occupied the position of Senior Leasing Manager at Immofinanz Romania.

CTP has acquired two logistics parks located in Western Romania from Slovak group IPEC for €18 million. The two assets are located in Ineu, Arad County and Salonta, Bihor County and have a total leasable area of 37,000 sqm.

Occupier and investment sentiment remains positive across all Central and Eastern European countries tracked by the RICS Commercial Property Monitor. Results for Q2 2017 show that Hungary and the Czech Republic continue to post the strongest overall results. The vast majority of respondents expect new investors to enter the market with the presence of local and CEE investors predicted to increase across the region in the year ahead.

The first Hilton Garden Inn hotel in Romania is to be opened by end-2017 in Bucharest. The 201-room hotel will be located within an historic listed building in the city centre. Hilton Garden Inn Bucharest Old Town will be administered by hotel management company Apex Alliance Hotel Management.