ARTICLES LABELLED WITH TAG Romania

The works for Speedwell’s newest project, Paltim, will soon kick off in the city of Timișoara. The demolition permit has been issued and the works are set to start in the first part of July 2020.

Local real estate developer One United Properties has acquired an office building recently completed in the Aviation area of Bucharest. The new owner paid €15 million to local construction company Conarg for the project, profit.ro reported. One United hopes to rent it and increase its value to €21-22 million within a year.

Romania’s largest hotel chain, Continental Hotels and French hotel group Accor have decided to terminate the management agreement signed 20 years ago for four hotels. According to the mutual agreement, starting with July 1, 2020, four hotels owned by Continental Hotels (Ibis Gara de Nord, Ibis Parlament, Ibis Constanta and Ibis Sibiu) will no longer operate under the Ibis brand, profit.ro reports.

Israeli-owned real estate developer Hagag Development Europe has received the urban planning certificate for the restoration of Știrbei Palace in Bucharest which will be converted into a modern office building.  

Shops, restaurants and hotels have opened again in nearly all of the markets in which the listed real estate investment company S Immo AG operates. Romania was the last to reopen, as the strict restrictions remained in place significantly longer there. However, hotels have been operating without restrictions and all shops have been open here as well since Monday, 15 June 2020. T

Italian group FRI-EL Green Power, a renewable energy producer, plans to invest over €80 million in developing the Ateneo residential project in the Romanian city of Timișoara.

Spanish investment fund Danube Property, which acquired four office buildings in Bucharest prior to the 2008 crisis, plans to sell its last asset on the Romanian market, after selling another one during the state of emergency, profit.ro reports.

Real estate investment company Arion Green has acquired the Global City office complex located in Pipera from Global City Business Park. The transaction was closed at the end of April.

Bucharest has been named one of the top 10 European Tech Cities of the Future for 2020/21, according to fDi and TNW. The Romanian capital ranks as #7 making the Central & Eastern European city with the highest score. Five other cities – Warsaw (#15), Sofia (#20), Prague (#22), Tallinn (#23) and Krakow (#24) have made it into the top 25.

With the ease of travel restrictions imposed by the COVID-19 pandemic, companies begin to resume their activity in the headquarters located in office buildings, but with only 40% of employees in a first phase, according to a survey of Cushman & Wakefield Echinox.