Julius Meinl Living has completed the purchase of Ambasador Hotel in Bucharest, with the project set to undergo a major revamp and reopen as The Julius Bucharest in 2027.

Romanian developer One United Properties said its residential sales and pre-sales volumes totaled €57.1 million in Q1 2024, down by around 10% year-on-year.

Romanian developer River Development has appointed Oana Rădulea as Managing Partner, replacing Liviu Birău. She assumed her new role in January 2024.

Romania’s retail market could top 4.5 million sqm this year considering that around 185,000 sqm of new retail projects are under various construction and planning stages, according to CBRE data.

Straco Real Estate and Baltisse announce the successful acquisition of a majority stake in SPEEDWELL, a premier real estate developer based in Romania. This strategic move solidifies Baltisse and Straco's commitment to expanding their presence in Eastern Europe, leveraging SPEEDWELL's established reputation and expertise in the region.

The two main shareholders of One United Properties, Victor Căpitanu and Andrei Diaconescu, sold shares in the company alongside minority shareholders CC Trust AG and Altius SA. 

Bucharest still has some of the lowest fit-out costs in the region for offices, despite an increase of around 15-20% during the past 12 months, according to Cushman & Wakefield Echinox data. Office fit-out costs in Bucharest have an average of €943 per sqm, which is 32% below Warsaw and Prague, and 32% above Sofia, which has the most advantageous costs in the region.

Romania saw new construction volumes expand by 64% in 2023 compared to the previous year, reaching also a record in gross value and growth rate from the past decade, according to the EBI Construction Activity Report.

IBB Holding Romania, founded by Romanian entrepreneur Ion Crăciunescu, has started the development of a new residential complex in Pipera, near northern Bucharest, which will have a market value of around €160 million.

Victor Căpitanu, Co-Founder and Co-CEO of One United Properties spoke with Property Forum at Mipim in Cannes about the company’s residential development pipeline valued north of €1 billion and Bucharest’s capacity to provide high yields for real estate investors.