The Iulius Company commences the construction works for the fourth office building of the total six to be included in the Openville Timişoara mixed-use development. Spanning on a 155 m height and 27 floors, United Business Center 0 (UBC 0) will be the tallest office building in Romania. The Openville project is currently under construction in the proximity of Iulius Mall Timişoara and, owing to the 130,000 sqm of office premises it will create, it hopes to become the main business hub in the west of Romania.

Companies have rented almost 70,000 square meters of office space in Bucharest in Q1 2018, according to JLL. One-third of the demand came from companies that formerly had their headquarters in old, small buildings or in other different from modern buildings (non-competitive stock). This segment of demand increased compared to last year when it accounted for only 7% of the total take-up.

Mulberry Development, a real estate developer controlled by businessman Ovidiu Sandor, has announced the launch of the second phase for ISHO Offices, a mixed-use project in Timisoara.

Ikea plans to build its third store in Romania next to the city of Timisoara. The Swedish retailer has reportedly applied for a permit to build a roundabout that would allow access to the future store. Ikea also plans to open stores in Brasov and Cluj-Napoca.

Real estate developer Werk Property Group is planning to invest €14 million in Vox Vertical Village, a residential project in Timisoara. The development of the 120 housing units is scheduled to start soon with completion scheduled for the end of 2019.

Colliers International was assigned by Werk Property Group to offer property management services for the Vox Technology Park office project in Timisoara. Therefore, the Colliers International team strengthens its leading position on the office property management market, as the managed office portfolio grew by 10% up to 280,000 leasable sqm, out of a total portfolio of 380,000 leasable sqm.

By the end of last year, the office portfolio of the Iulius Company reached a total of 121,000 sqm leasable area following the opening of the second office building within Openville Timişoara, a project developed together with Atterbury Europe in the vicinity of Iulius Mall.

The Iulius Company has commenced the works for the retail component included in the Openville Timişoara project, the largest mixed-use development in the west of Romania. The first phase of the project integrating the current Iulius Mall Timişoara is set for completion in Q4 2018 and will include 47,000 sqm of additional retail premises, 100,000 sqm of Class A offices, a park, a traffic underpass, as well as more than 1,500 new parking places.

The Rezidor Hotel Group announced the signing of the Radisson Blu Hotel Timisoara. This takes the group's portfolio in Romania to four hotels. Radisson Blu and Mulberry Development will create an international upper upscale hotel in Timisoara, the main social, economic and cultural hub in Western Romania - and the European Capital of Culture for 2021.

Globalworth is, according to zf.ro, in talks with NEPI Rockcastle to acquire The Office Cluj and City Business Centre Timisoara. The investor completed a €330 million ordinary share issue at the end of last year and intends to use the money raised for investments in Poland and Romania.