ARTICLES LABELLED WITH TAG Romania

Bistrita Retail Park will be inaugurated in May 2018, Element Development, the park’s announced. The list of tenants for the nearly 8,000 sqm retail park include, among others, Carrefour Market, JYSK, Decathlon and Top Shop.

Mulberry Development, a real estate developer controlled by businessman Ovidiu Sandor, has announced the launch of the second phase for ISHO Offices, a mixed-use project in Timisoara.

Ikea plans to build its third store in Romania next to the city of Timisoara. The Swedish retailer has reportedly applied for a permit to build a roundabout that would allow access to the future store. Ikea also plans to open stores in Brasov and Cluj-Napoca.

Real estate developer Werk Property Group is planning to invest €14 million in Vox Vertical Village, a residential project in Timisoara. The development of the 120 housing units is scheduled to start soon with completion scheduled for the end of 2019.

NEPI Rockcastle has started construction works on a new shopping mall in Satu Mare. NEPI’s eighteenth shopping centre in Romania is expected to be inaugurated at the end of 2018.

On 29 March 2018, the fourth edition of SEE Property Forum in Bucharest, organized by Property Forum in partnership with the Royal Institution of Chartered Surveyors (RICS) will gather leading real estate professionals and top executives from South Eastern Europe to analyse the potential of the Romanian real estate market from a global perspective. Nearly 50 speakers and more than 250 visitors will come together in the Romanian capital, creating a unique networking opportunity.

Development is booming in almost all segments of the Romanian market, but developers still need to overcome a number of legal and regulatory challenges before they can start building. Then, once construction is complete, they must realise that tenants have become more aware and more “choosey”. Răzvan Gheorghiu-Testa, Partner at Țuca Zbârcea & Asociații and Head of the firm’s Real Estate Practice Group reviewed some of the issues that may arise when developing or leasing a new building in Romania.

The EBRD and ING Romania are joining forces to finance the logistics park CTPark, situated on the A1 Bucharest-Pitesti motorway and 2 km away from the Romanian capital. The financiers have arranged a package of €96 million, of which the EBRD is providing €43.8 million and ING €52.2 million.

David Hay has resigned as CEO of AFI Europe Romania and announced his intention to seek out other opportunities outside the company. AFI Europe is currently working on three projects in Romania: AFI Brasov, AFI Tech Park in Bucharest and AFI City.

CTP has appointed Andreea Odovinca as Chief Financial Officer for Romania. She will be responsible for ensuring the efficiency of financial functions, the quality of the information provided by the department, staff development and performance management.