ARTICLES LABELLED WITH TAG Romania

Last year, the total value of land transactions in Romania for real estate projects (excluding the industrial segment) increased significantly from 2016, exceeding the €350 million threshold at the national level. According to Colliers International, about 70% of this value was ascribed to the capital, where land transactions for residential development represented more than half of the investment volume.

WDP is reinforcing its capital in the Romanian entity, being a 51/49 joint venture partnership with Jeroen Biermans up until now. After the capital increase the ownership ratio of the shareholders will evolve towards an 80/20 ratio. This should facilitate the further portfolio growth towards €500 million.

Revetas Capital Advisors LLP and Cerberus Capital Management, L.P. and its affiliates announced the acquisition of Project Nemo, a leading hotel complex with approximately 86,000 sqm of gross leasable area in a prime location in Bucharest, Romania. The complex includes the Radisson Blu and Park Inn hotels, featuring a total of 697 guest rooms operated by the Rezidor Hotel Group, as well as approximately 7,500 sqm of prime retail space anchored by high-end tenants such as Burberry and Hugo Boss.

Microsoft has launched a tender to consolidate its Bucharest offices in a new location. The company is looking for 20,000 sqm of modern office space and is willing to pay around €3 million a year for rent, zf.ro reports citing market sources.

P3 has acquired over 17 hectares of land in the vicinity of P3 Bucharest Park with the purpose of developing the park up to 500,000 square meters in the next two years. The new plot of land allows for the building of a warehouse of up to 100,000 sqm.

Globalworth provided an update on a number of initiatives completed prior to year-end: the acquisition of two land plots in Bucharest, an increase in its shareholding in Griffin Premium RE and the completion of the EPP deal.

JLL has advised Elbit Imaging Ltd, a NASDAQ listed company, on the sale of the Radisson hospitality complex in Bucharest to a joint venture between two international investment funds. The sale represents the largest ever hotel transaction by deal volume in Romania and among the largest recorded in Central Eastern Europe.

AFI Europe Romania has signed a financing agreement for €22 million with Bank Leumi Romania for the development of phase 1 of AFI Tech Park, the newest business park the company is currently developing in Bucharest.

Cityland, a Bucharest-based residential real estate agency, will start selling apartments in bitcoin in response to the growing popularity of the virtual currency, profit.ro reports.

Real estate developer Zacaria signed one of the largest rental contracts in 2017 for an industrial space in Sibiu, with the German company Kuka Systems, which will expand its activity in Romania. The new Kuka production space is a built-to-suit project, covering more than 10,000 sqm.