ARTICLES LABELLED WITH TAG Romania

Mitiska REIM has secured a €33 million senior debt facility with Erste Group Bank AG for four Romanian retail parks, representing a combined gross leasable area (GLA) of 30,500 sqm.

CTP has inaugurated a new logistics centre in ctPark Bucharest West for one of the largest retail companies in Romania. Started in December 2019 and finished in September 2020, the new warehouse for Profi Romania became operational only one month after the completion of construction. The warehouse has a total area of ​​56,500 sqm, which can be extended by another 10,000 sqm. CTP’s investment in the project was €29 million (RON 140 million).

Romanian real estate developer One United Properties has announced a capital increase of up to €70 million. Following the General Meeting of Shareholders on 28 September, the capital increase was approved at a €380 million pre-money valuation and up to €450 million post-money valuation.  

How has the COVID-19 pandemic impacted the property investment market in Romania? What are the biggest challenges companies face these days? Is the wait and see period really over in Romania? Four experts tried to answer these questions and more at SEE Property Forum 2020, a hybrid event organised by Property Forum and RICS. We summarised the highlights of the discussion, moderated by Codrin Matei (Crosspoint Real Estate).

The transaction in which Sif Banat – Crișana bought the shares held by Doosan Heavy Industries & Construction in Doosan IMGB, was authorized by the Competition Council. The transaction, involving a land plot with an area of ​​540,000 square meters, the largest land plot ever traded in Bucharest, was brokered by Crosspoint Real Estate.

Half of the employees who normally work in office buildings continued to work mainly from home even after the state of emergency was lifted, despite the fact that, during the summer, most companies began to bring back their employees partially or through rotation in the office spaces, as shown by a research study conducted by Cushman & Wakefield Echinox regarding the working methods of employees in Romania during the COVID-19 pandemic.

AFI Europe Romania has inaugurated its AFI Brasov mixed-use project on 21 October. The project, located near the city’s historic centre, includes a modern shopping centre with 45,000 sqm GLA and 15,000 sqm GLA of office space rising above the retail floors.

CTP announced its expansion plans for the Transylvania area. The developer plans to double the leasable area of ​​logistics spaces in the Transylvania region until 2023 by investments of €50 million in the expansion of its two logistics parks around Timișoara. Some of the spaces included in the construction plan are already leased to companies from the logistics and manufacturing sectors.

Experts of the international investors’ panel at SEE Property Forum 2020, a hybrid event organised by Property Forum and RICS, agreed that Romania’s property investment market has matured a lot in recent years but the lack of liquidity is still an issue. They also confirmed that COVID-19 makes it difficult to forecast the future direction of the market and it makes certain market players, especially banks, more cautious.

Impact Developer & Contractor has started the works on the first 3 blocks of the Boreal Plus residential compound in the north of Constanța. The enterprise contract worth €9.5 million was concluded with the construction company Premium Invest Concept.