ARTICLES LABELLED WITH TAG Romania

Romanian developer Forty Management has completely sold all the apartments and leased all spaces in the Central District 4 Elements project that was completed last year following an investment of €25 million.

Ozan Tuncer has been appointed as the new CEO of Cosmopolis, Opus Land Development's residential compound located near Bucharest. He is replacing Ahmet Buyukhanl, who remains the main shareholder of the company. 

Hagag Development Europe has acquired a new office building located near Bucharest's central area with a built surface of 6,000 sqm. 

Property developer Globalworth is providing 12,000 sqm of its portfolio in Romania and Poland for Ukraine war humanitarian relief efforts. The spaces will be used to accommodate refugees and provide them with related logistical support as well as depositing and sorting the donations. 

Hungarian Indotek Group has purchased Băneasa Business Center, located in the northern business center of Bucharest, with nearly 10,000 sqm of leasable space for an undisclosed sum. 

Property investments in Romania totaled €919.4 million during 2021, with Austrian investment dominating the rank among foreign players closing deals on the local market. Last year, Austrian investors bought office and retail spaces with a combined value of €323 million. Czech and Hungarian property players had shares of €173 million and €150 million, respectively, according to a report by real estate consultancy Fortim, a member of BNP Paribas Real Estate Alliance. 

Property developer Anchor Grup has secured a financing volume of €80 million from Banca Transilvania that will be used to refinance the retail and office segments of the company. 

There is increased demand for all categories of property assets in Romania, with office and industrial set to continue their growth streak this year. Property Forum talked to Victor Constantinescu, Managing Partner of Kinstellar’s Bucharest office and Co-Head of the firm-wide Real Estate practice, about the impact of the pandemic on Romania’s real estate market and how the country’s property investment potential can be harnessed in the next years.

Delivery firm Cargus has started operations last September in a warehouse covering 15,000 sqm in CTPark Bucharest that will accommodate fulfillment demand of e-commerce companies. 

As Romania has eliminated all pandemic restrictions earlier this week, companies plan to increase the number of employees returning to the office in the near future.