ARTICLES LABELLED WITH TAG Bucharest

NEPI Rockcastle is investing €3.5 million in refurbishing the food court and entertainment area in Bucharest's Mega Mall shopping centre. The project, designed by Corvin Cristian Studio, targets an area of 10,000 square meters.

Real estate developer Portland Trust and investment fund Ares Management have sold the Oregon Park office complex in Bucharest to Lion’s Head Investments, a joint-venture between South African investment fund Old Mutual Property and AG Capital, for an undisclosed sum.

Nearly 55% of last year’s supply of new offices in Budapest came in the form of two schemes: Timpuri Noi Square I & II (33 000 sqm) and The Bridge (36 000 sqm). It is thanks to these developments that the total office stock in Romania’s capital reached the threshold of approx. 3.2 million sqm. BNP Paribas Real estate’s analysis highlights that tenant expectations in respect of high-quality space made developers focus mainly on supplying Class A office buildings to the market.

Hagag Development Europe has recently launched an IPO on the Tel Aviv stock exchange covering its projects to be developed in Romania. The IPO’s value is €15 million. The Israeli developer is planning a series of further acquisitions targeting landmark buildings and land plots in Bucharest.

CA Immo has acquired Campus 6.1 office building in Bucharest from Skanska; the transaction volume is approx. €53 million. The closing of the transaction is subject to the conditions usual for such transactions and is expected by the end of 2018.

Atrium European Real Estate Limited has entered into an agreement to sell Atrium Militari shopping centre in Bucharest, Romania to MAS Real Estate Inc., for €95 million, representing a 9% premium to book value on 31 December 2017. The transaction is subject to the fulfilment of certain conditions precedent which are expected to be finalised by the end of the third quarter of 2018.

Romanian real estate developer Genesis Property will invest €1.5 million in building an outdoor swimming pool within West Gate Business Park in Bucharest. A running and rollerblading track will also be included.

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.

Ikea’s presence is growing rapidly in the SEE region. Construction is underway at the second store in Bucharest and there are further plans for new developments. Viviana Pavel, Real Estate and Development Manager at Ikea South East Europe shared her thoughts on the retail market, e-commerce and the company’s regional expansion.

One United Properties and Auchan Romania plan to invest €100 million in a new mixed-use project in Bucharest called One Floreasca City.