ARTICLES LABELLED WITH TAG Bucharest

Net take-up of office spaces in Bucharest amounted to almost 80,000 sqm in the first half of the year, which means an additional 10,000 jobs, considering that companies usually allocate for each employee 8 square meters. In total, gross take-up reached 185,000 sqm in H1 2017, a small decrease when compared to first 6 month of last year (192,000 sqm), JLL reports.

CTP, the European Bank of Reconstruction and Development (EBRD) and BCR announced the closing of a credit facility totalling €75.8 million, of which €36.7 million were granted by EBRD and €39.1 million by BCR. The loan will support the expansion of CTPark Bucharest West by two new warehouses totalling over 70,000 sqm. The total investment in this expansion phase will reach €108.9 million. With a total planned 600,000 sqm lettable area, CTPark Bucharest West is designed to become the biggest, as well as fastest growing industrial park in the country and the region. BCR acted as mandated lead arranger, documentation, facility and security agent.

With a 4.8%-GDP growth in 2016 and the highest estimated growth rate in 2017 among EU member states, Romania has become an increasingly attractive destination for regional operations centres. The tax and legal regimes along with the geographic location, as well as the highly yet not so costly labour force are some of the key ingredients contributing to the country’s attractiveness, according to the Recipe for successful tax, law & real estate of regional operations centres in Romania report prepared by Deloitte Romania, Reff & Associates- Deloitte Legal together with Knight Frank. 

AFI Tech Park, the newest office project developed by AFI Romania, achieved a LEED Platinum pre-certification. AFI Tech Park is a business campus that will offer 56,000 sqm GLA of Class A office space, comprising of two office buildings of GF+8 and one office tower (GF+14). 

Globalworth Real Estate Investments has acquired Building C of the Green Court Bucharest campus developed by Skanska. The gross transaction value is approximately €38 million and the acquisition is expected to close in Q3 2017.

Colliers International has been assigned by Hili Properties to provide property management services for the Art Business Center office project, which houses the largest private hospital in Romania. Thus, Colliers International reaches a managed portfolio of over 280,000 leasable sqm and enters a new segment, that of private hospitals, marking a premiere for the local property management market.

AFI Europe signed a pre-agreement to sell AFI Park 1-3 office buildings to Dedeman, a Romanian DIY retail company. The agreement also includes an option to sell AFI Park 4&5. The total price for AFI 1-5 is approximately €164 million. 

The Bucharest office market recorded leasing transactions more than 100,000 sqm during Q1.2017, almost doubling the volume of transactions recorded in the same period of the previous year. Net office take-up during Q1 2017 stood at 57,200 sqm. Colliers International published its summary of the Bucharest office market in Q1 2017

Q1 2017 saw Class A & B take-up reach approximately 97,300 sqm on the Bucharest office market and the average transaction size increased from approximately 1,800 sqm in Q1 2016, to approximately 2,400 sqm in Q1 2017.  There were 9,550 sqm delivered in two projects in the CBD (Central Business District), Knight Frank reports.

NASDAQ and the Tel Aviv Stock Exchange-listed Elbit Imaging has put two of its Bucharest hotels on the market. The company is hoping to finalise the sale of the five-star Radisson Blu and the four-star Park Inn by the end of the year.