ARTICLES LABELLED WITH TAG Romania

JLL has completed the first phase of the modernisation of the Liberty Center shopping centre in Bucharest, owned by three banks (Alpha Bank, Bank of Cyprus and Eurobank) following the insolvency of developer Mivan Kier. Occupancy rate at Liberty Center has reached 91%, following a €400,000 investment.

NEPI Rockcastle has announced the acquisition of a 200,000 sqm land in Craiova and plans to construct one of the biggest retail projects in the region of Oltenia. The value of the investment is estimated at approximately €110 million and the construction will start after obtaining all the necessary approvals.

Bucharest’s modern office stock will increase by over 500,000 sqm in 2019 and 2020. According to Colliers International Romania, these dynamics of the office market could generate variations in the office buildings’ market values of plus or minus 5% during the indicated period. To measure these possible changes, three factors were considered: the average vacancy rate, the level of the incentives packages that owners offer to tenants and yield compression.

One United Properties, a company with Romanian capital, has ongoing office projects of 150,000 sqm for the following three years, totalling investments of €220 million.

Globalworth announced its intention to raise additional equity capital via a placing of up to approximately 28.5 million new shares to existing and new investors to take advantage of a strong pipeline of acquisition opportunities identified by the company.

Mihai Păduroiu has been appointed as the CEO of the Office Division at One United Properties, starting November 1st, 2019.

White Star Real Estate and its partner, an investment fund of a major US university have completed the acquisition of Liberty Technology Park Cluj from Fribourg Development, the real estate division of Fribourg Capital. Liberty Technology Park comprises 18,000 sqm of former industrial buildings. The five Class A office buildings are BREEAM certified. Located north of the city, the park has a number of IT&C and R&D tenants, such as Siemens, IBM, Majorel and Altran.

CBRE promotes Tudor Ionescu as Head of Advisory & Transaction Services for the office sector of CBRE Romania. The nomination of Tudor, a professional architect, specialised in workplace consultancy, represents a change of strategy of CBRE, which becomes the first real estate company focusing on the experience of users in office spaces.

Having benefitted from predominantly business-driven demand in the past, Bucharest is currently establishing itself as a popular tourist destination. The analysis of Christie & Co shows a positive growth trend both in supply and demand, resulting in a continuously improving performance of Bucharest’s hotel market.

Element Industrial announced the completion of the first phase at ELI PARK 1 Chitila. The warehouse, with an area of 20,000 sqm is rented to Turkish-based appliances producer, Arctic. The company has already begun its operations in the new logistics space.