While the overall value of land transactions in Romania totalled €450 million during 2022, two-thirds of the traded volume was generated in Bucharest, mostly in the residential segment, according to Colliers Romania.
The volume of land sales for commercial real estate projects in Romania (excluding for traditional industrial and logistics projects) reached around €450 million in 2022, down from almost €800 million euros a year earlier, according to estimates by real estate consultancy Colliers.
Romanian DIY chain Dedeman has purchased a land plot of 14.5 ha in Timișoara from Țiriac Imobiliare for an undisclosed sum. The buyer is exploring several investment scenarios for the new land that is located next to the future Ikea store.
The volume of land transactions for commercial and residential projects totaled €800 million in 2021, which is a 15-year high, according to real estate consultancy Colliers. Retailers and residential developers have generated roughly 90% of the deals.
Retailers and residential developers are driving demand in the land market and the volume of transactions is hampered by uncertainties regarding urban development legislation.
Online documentation and efficiency solutions company Craft Docs secured a 1,000 sqm of office space in the renewed Krausz Palace office complex in downtown Budapest. The company will move in August 2023. The startup has become the first tenant of the building, Jake Lodge, principal of Avision Young Hungary responsible for the leasing and operative management of the building said.
A new tenant has moved into the Eximius Park office complex near Kraków. GoE Wellness is a British healthy lifestyle start-up that is expanding its operations in Europe. The company's new office has an area of approximately 900 sqm and is located in building 200.
Galeria Jurajska is strengthening its offer. Three new tenants - fashion brands Quiosque and Lovisa and patisserie Lody Czewskie - will soon appear in the Częstochowa shopping centre.
New appointments
CPI Property Group is expanding its retail leasing department. Dariusz Kafara has been appointed as the new Leasing Manager. At the Warsaw branch of the company, Dariusz is responsible for maintaining the maximum level of commercialisation in two retail park chains from the group's portfolio - CityMarket and STOP SHOP.
Brian Nyeng Olesen, formerly head of commercial at the Salling Group, has been appointed as the new managing director of Netto Polska. The position was previously held by Hugo Mesquita.
M Core appoints Magdalena Kowalewska as the new Chief Operating Officer at LCP Properties, Poland. This comes at the same time that Krystian Modrzejewski has accepted a post as the Group Head of Expansion for Poland, where he will be responsible for realising the opportunity for land and asset acquisition in aid of portfolio growth. LCP Properties Poland is part of the M Core group, which brings together family-owned companies that invest in and manage real estate. It comprises LCP, Proudreed, Sheet Anchor, GIPAM and Evolve Estates.
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