Romanian developer Forte Partners has delivered the second phase of its U•Center 2 office project in Bucharest. The building has a leasable area of 35,000 sqm and 28,000 sqm have already been occupied by office and retail tenants.
With interest rates forecasted to decrease across Europe in 2024, real estate investment activity is set to increase in Romania as well as in other countries in the region. Andrei Văcaru, Head of Capital Markets CEE at iO Partners talked to Property Forum about the movers and shakers of the Romanian investment market.
Globalworth has recorded a net operating income of €73.7 million in the first half of 2023, up by 5.6% compared to the same period of last year, while the development pipeline includes industrial projects in Romania and the refurbishment of mixed-use projects in Poland.
The investment transaction market in Romania reached €181 million in H1 2023, down by 43% compared to the same period of last year over rising financing costs. At the same time, the average price per property decreased from €24 million to €11 million, according to Cushman & Wakefield Echinox.
Alesonor has achieved the LEED Community Platinum Precertification for Amber Forest complete suburb, which is under development near Bucharest. This has become the fourth project in Europe obtaining the Platinum precertification from the U.S. Green Building Council (USGBC).
Romanian developer Iulius has signed a partnership with Oil Terminal, a public company owned by the state, for the urban regeneration of a 38-hectare land plot in Constanța. Iulius plans to invest more than €810 million in a large mixed-use scheme.
Pharmaceutical company Biofarm has sold a plot of land close to Victoriei Square in Bucharest for around €5 million. The land spanning 2,176 sqm, which used to host an industrial facility, was taken over by Romanian company Iancu de Hunedoara Residence SRL. The deal was brokered by Crosspoint Real Estate.
PPF Real Estate’s two office buildings in central Bucharest, Crystal Tower and Metropolis, are now running partially on solar power following the installation of photovoltaic panels on their rooftops.
Bucharest-based office project Oregon Park, owned by Lion's Head investment fund, has achieved the Well Health & Safety certification, granted by The International WELL Building Institute (IWBI).
iO Partners Serbia concluded its first office deal when Office Me, a coworking space, leased 1,100 sqm of office space in the Artklasa building in Belgrade.
With the support of Coreside Savills, video game development company Nordeus has decided to renew its lease for 6,100 square meters of office space within Green Heart Business Park, located in Belgrade.
Natura Bakery will lease almost 200 sqm of space on the ground floor of Poznan's Nowy Rynek E office building, developed by Skanska. The premises are scheduled to open in spring 2024.
New appointments
As of December 2023, Dorota Lachowska has joined the market research team at Knight Frank Poland as director of the department.
MLP Group is strengthening its sales team in Poland with the appointment of Przemysław Fijałkowski as Leasing Manager responsible for the lease of space in projects located in southern Poland.
Axi Immo is developing its Capital Markets Department. As of November 2023, Jakub Grabara was appointed as Associate Director in the Capital Markets Department. He will be responsible for transactional services, i.e., acquiring, purchasing, and selling commercial real estate.
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