C&W Echinox appointed exclusive leasing agent for Jumbo Center

Real estate consultancy Cushman & Wakefield Echinox has been appointed as the exclusive agent for the development and implementation of the leasing strategy for the Jumbo Center retail project in Bucharest, with a leasable area of 25,700 square meters. The center is anchored by a Jumbo store, which opened on October 25.

“Through this exclusive agreement, Cushman & Wakefield Echinox is actively involved in shaping the leasing strategy of Jumbo Center, transforming it into a modern retail destination in the heart of Bucharest, designed to serve the entire family. The project has significant potential due to a combination of factors that make it an attractive location, both for retailers and consumers. Therefore, we believe that retailers who will take advantage of these opportunities can benefit from a diversified and continuously growing customer base,” said Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield.

“We consider Jumbo Center’s collaboration with Cushman & Wakefield Echinox essential to ensure that the center will attract the right mix of partners who share the same vision of offering value and accessibility to all its visitors,” adds Apostolos Vakakis, Chairman of the Board of Directors of Jumbo.

Jury Committee for CIJ Awards Gala Romania 2024

CIJ Europe is thrilled to announce the esteemed judging panel for the highly anticipated CIJ Awards Gala Romania 2024, set for December 4th at the Radisson Blu Hotel in Bucharest. The CIJ Awards Gala unites top property professionals and influential business leaders from Romania’s real estate sector, ensuring a diverse mix of insights and expertise. This respected panel will deliver an objective selection of this year’s winners. See below for the distinguished jury committee for the CIJ Awards Gala Romania 2024.

We would like to thank our Jury Committee Audit Advisor, Mrs. Daniela Zar, TPA Romania, who will be monitoring the meeting.

Jury Committee Members 2024
Ema Iftimie – Managing Director – Globalworth
Antoniu Panait – Managing Director – Vastint
Vlad Musteata – CEO – North Bucharest Investments
Jan Demeyere – Co-Founder & Partner – Speedwell
Sorin Preda – Founder & CEO – Global Vision
Emma Toma – Head of Office Division – AFI Europe
Alex Skouras – Managing Director – Alesonor
Robert Ionita – Group General Counsel – NEPI Rockcastle
Andreea Dumitru – Chief Marketing Officer – Hagag Development Europe
Iulia Iana – Head of Marketing – HILS Development
Alina Necula – Country Manager – Lion’s Head
Dana Bordei – Managing Director – VGP
Iuliana Irimia – Head of Office Asset Management – CPI Property Group Romania
Bogdan Gubandru – Chief Operations Officer – Redport Capital
Adinel Tudor – CEO – EVO Properties
Bogdan Iliescu – Commercial Director – Nusco
Andreea Enescu – Head of M&A – CTP
Christophe Weller – Founder & CEO – COS
Catalin Rotaru – Managing Director – Theta Furniture & More
Stefan Gheorghiu – Managing Partner – WeMat Global
Gabriel Biris – Managing Partner – Biris Goran
Catalin Duma – Managing Director – Coral Construct
David Evans – Managing Director – Optim Project Management
Razvan Nica – Managing Director – Build Green
Gabriel Tomescu – CEO – BMF GRUP
Costin Nistor – Managing Director – Fortim Trusted Advisors
Razvan Iorgu – Managing Director – CBRE
Ovidiu Stana – CEO – Conadi
Dan Flesariu – Managing Director – WIREN
Ioana Roman – Partner – Filip & Company
Dan Voiculescu – Managing Director – RE/MAX
Raluca Buzdugan – Managing Partner – VSA
Maria Florea – Head of Office Advisory – IO Partners
Sorin Ioan Blaga – Chief Operationg Officer – The Concept Group
Claudiu Bisnel – Managing Director – Brisk Group
Mihai Olaru – CEO – Omifa
Bogdan Doicescu – Managing Director – Bog’Art

For more details about the event and bookings, please check our website: https://awards.cijeurope.com/cij-awards-romania/#about

A BIG THANK YOU to all our Partners: North Bucharest Investment, CPI Property Group, AFI Europe, Hagag Development Europe, NEPI Rockcastle, VASTINT, CTP, NUSCO, BMF Grup, WIREN, Globalworth, Global Vision, Speedwell, Lion’s Head, HILS Development, NHOOD, COS, Biris Goran, Coral Construct, Bog’Art, Alesonor, WeMat Global, Carbon Tool, Fortim Trusted Advisors, Ceresit, Theta Furniture & More, Optim Project Management, SAMSUNG Climate Solutions, Omifa, TPA Romania, RENOMIA Gallagher, Search Ads, Redport Capital, Imobiliare.ro, Marazzi, Safety Approach, Avitech, Bellemonde, Fabrica de Profile, EVO Properties, STC Partners, Reynaers Aluminium, Serban & Musneci Associates.

OMV Petrom reports sales down 6% in the first nine months of 2024

OMV Petrom, Romania’s largest company by turnover, reported sales of RON 26.7 billion in the first nine months of 2024, down 6% compared to the same period of the previous year, while net profit increased by 54% to RON 3.9 billion on the back of the elimination of the tax on processed crude oil.

“We continued to transform our activities for a low-carbon future, with investments reflecting the progress of our strategy. We had record investments for January – September, of almost RON 5 billion, of which over 40% are allocated to strategic projects such as Neptun Deep, renewable energy and electro-mobility,” the company said.

In Q3/2024 the company had sales of RON 8.7 billion, down 11%, and a net profit of RON 1.2 billion, down 19%.

The Austrians at OMV have a 51.15% stake while the Romanian state has 20.7% through the Ministry of Energy. Other shareholders include private pension funds Pilon II with almost 14% and other investors from the Bucharest Stock Exchange.

Argo Group prepares its exit from the market

The real estate investor Argo Group, controlled by the largest bank in France, BNP Paribas, and its founder, the Cypriot Andreas Rialas, is preparing to exit the Romanian real estate market, after in 2011 it had become the largest owner of malls in the country.

Shopping centers owned by the investor – Shopping City Sibiu, Shopping City Suceava, Era Shopping Park Iași and Era Shopping Park Oradea – combined a rentable area of 243,000 square meters.

The group’s most important asset was Shopping City Sibiu, sold in 2016 to NEPI in a transaction of EUR 100 million. This was followed in 2017 by the sale of Era Shopping Park Iași to the Prime Kapital – MAS REI consortium.

The company that manages Era Shopping Park Oradea entered insolvency in 2013 with debts worth around EUR 60 million. After a long period of trying to sell this asset, Argo managed to find a buyer, from which it earned USD 3.2 million.

After the sale of the shopping center in Oradea, Argo was left with Shopping City Suceava, and is now in advanced negotiations with the British giant M Core for its sale, which is equivalent to an exit of Argo from the Romanian real estate market.

Source: Profit.ro

Consolidation work begins on Bucharest’s Aro Building

The ARO – Patria block, in the center of Bucharest, will be consolidated with non-reimbursable national funds, announces the general mayor of the capital, Nicușor Dan. In the spring, it was announced that the owners’ agreement had been obtained for the consolidation of the ARO block in the capital, and the expert appraisal works of the building will be initiated.

“We are technically assessing the ARO Block, an emblematic building of the Capital on Magheru Boulevard no. 12-14, which houses the Patria cinema and which, according to older assessments, was classified as Class I Seismic Risk. Built in 1935, the Aro Block was the first modernist building in the Capital, designed by architect Horia Creangă. The owners’ agreement was obtained for the consolidation of this historic monument building, and now the Capital City Hall, through the Municipal Administration for the Consolidation of Buildings at Seismic Risk (AMCCRS), is initiating the expertise works that will last 60 days. The next stage will be the energy audit, and then we will enroll in the Ministry of Development program to obtain the funds necessary for consolidation and rehabilitation”, the mayor said.

The Patria Cinema, an emblematic place for Bucharest and operating continuously since 1935, was closed in 2015 indefinitely, due to the new law that do not allow companies located on the ground floor of buildings with seismic risk to operate.

Source: Profit.ro

Czech government supports seizure of criminal assets from matrimonial property

Property related to criminal activity could in the future also be drained from the community property of spouses (SJM). This is envisaged by an amendment to the Criminal Code, which was approved by the government today, according to the results of a meeting published on the cabinet website. According to the current regulation and case law, an item belonging to the SJM of the offender and his spouse is not considered to belong to the offender, and therefore the penalty of forfeiture of the item or the measure of seizure of the item cannot be applied to the property in the SJM.

“The current legal situation unjustifiably favours offenders who have entered into a marriage and have property in the SJM over those who have not,” the Ministry said in the explanatory memorandum to the proposal. “Such a difference in status, based in principle solely on the marital status of the offender, is not reasonably justifiable,” it wrote.

While for unmarried offenders, forfeiture or seizure can be directed at all of their assets if the relevant conditions are met, for offenders with assets in a jointly owned household, these assets are generally excluded from the penalty. “Thus, by consuming or otherwise using an item that is the proceeds of crime, an offender can avoid property sanctions if he or she has no other property in his or her sole possession,” the office warned.
It also pointed out that the Civil Code allows the regime of SJM to be contractually regulated. Thus, the perpetrator can purposely expand the community property to include other items, thus narrowing the scope of things that the courts can drain from him by property penalties. The current state of affairs was also identified as risky by the Money Laundering and Terrorist Financing Risk Assessment Report, which was approved by the Czech government in the summer of 2021.

Currently, assets in SJM can be sanctioned with a forfeiture penalty, as the pronouncement of such a penalty extinguishes the SJM. Moreover, according to case law, property acquired by the perpetrator through a crime does not become part of SJM. However, the Ministry seeks to make it possible to clearly punish items of SJM also by forfeiture or seizure. It therefore wants to amend the relevant interpretative provision of the Criminal Code, which defines the property belonging to the offender. The Code would now also explicitly define such property as the joint property of the offender and his spouse.

The proposed change would not affect legal property that is not related to criminal activity – i.e. items that are not proceeds of crime, instrumentalities of crime or so-called substitute value.

Source: CTK

PSN completes Ahoj Vanguard project in Prague’s Modřany, nearly sold out

The Ahoj Vanguard project in Prague’s Modřany district, developed by PSN, has reached completion and is nearly sold out, with only a few remaining units available. Known for its vibrant architecture, modern amenities, and extensive green spaces, Ahoj Vanguard’s final units are expected to find buyers swiftly. New owners can move in as early as 2025, gaining access to shared facilities at the adjacent Vanguard loft project, including a spa and wellness area, connected via an underground tunnel.

The nine-story Ahoj Vanguard building, which includes three underground levels, features landscaping and extensive greenery across the site’s 2,000 square meters. Amenities include a children’s playground and a semi-submerged parking garage with 220 car spaces and 16 motorcycle spaces, which will also be covered with greenery.

Comprising 96 units—95 residential and one office—Ahoj Vanguard offers a variety of sizes and layouts. Each unit features expansive sliding windows and outdoor spaces, with options for a front garden, balcony, or terrace equipped with durable glass railings. High-quality finishes include underfloor heating, air conditioning, and energy-efficient systems like heat pumps and photovoltaics. The development also offers EV charging stations and bike racks to support sustainable living.

“Interest in the uniquely designed Ahoj Vanguard project has been strong among singles, couples, families, and investors alike,” said Jaroslav Macháč, Director of Residential Projects at PSN. “With only a few apartments remaining, we’re confident they’ll be sold soon. To make the final apartments even more attractive, we’re offering buyers a voucher of up to CZK 700,000 for furnishing with high-quality furniture and accessories from the renowned Czech brand Hanák.”

The project was designed with inviting communal spaces in mind. Each floor features a distinct color scheme for easy navigation, and residents have access to a rooftop terrace for relaxation and socializing.

In addition to its modern architecture and premium finishes, the adjacent Vanguard loft project offers Ahoj Vanguard residents access to luxury amenities, including a spa with a Finnish sauna, a steam room, and an 18-meter glass-enclosed swimming pool. A relaxation room with massage loungers and a whirlpool completes the wellness offerings.

Situated in a tranquil area with easy access to central Prague, Ahoj Vanguard benefits from nearby transport links. A bus stop connecting to Smíchovské nádraží station is just outside, while a tram stop is within walking distance. Motorists can reach Jižní spojka and Barrandov Bridge in minutes. Nearby, residents will find schools, cultural venues, sports facilities, and a wide range of dining options.

Modřany’s extensive recreational offerings include a nine-hole golf course, miniature golf, a rope center, tennis courts, a badminton hall, and the popular Modřany cycle path. The Hodkovičky forest park, a short distance from Ahoj Vanguard, provides additional green space for outdoor activities.

BIG InfoMonitor: 25% of Poles are not ready for sudden loss of income

Despite the high percentage of people who declare to have savings (82%), only every fourth Pole has resources to live for more than half a year in the event of a sudden loss of sources of income, according to the survey “Scale and the goals of collecting savings by Poles”, performed on behalf of BIG InfoMonitor.

At the same time, 54% of respondents expect to be forced to reduce their basic expenses in order not to reach for the funds accumulated for the “black hour”. In the last six months, 1/3 of Poles had to spend their savings on basic needs, and one in three people are considering looking for an additional source of income to accumulate savings.

“The growing cost of living and the feeling of economic instability force Poles to make the most of the savings on an ongoing basis, which were initially intended to provide a security for the future. These people most often added electricity, rent or to purchase food products and medical services. This is a worrying signal that indicates the depletion of the financial cushion of many families. Such a situation poses a risk of further reductions in the level of consumption and reduction of investment in education, health and personal development, which in the long term may negatively affect the economy and financial condition of Poles” – said President of BIG InfoMonitor Słamir Grzelczak.

According to the BIG InfoMonitor survey, Poles pay off an average of 18% of their monthly income, and half of respondents are in the range of 10% to 24%. On the other hand, slightly more than one in four respondents (27%) puts less than 10% of their salary, which may indicate significant difficulties in finding a larger amount due to daily liabilities.

Almost every third of the respondents (32 %) have no more than PLN 5,000. This is almost as much as from 1 tactical 2025 will be the minimum monthly wage under an employment contract. In practice, this is the amount that, in the event of a crisis, is enough to secure the basic expenditure for a very short period. The largest group accumulated savings ranging from PLN 10 to 30 thousand (17%). Only 13% of Poles managed to accumulate savings in excess of PLN 100,000, indicated in the material.

The main argument for a cost-effective approach to your finances is to hedge against unexpected expenses (48%) and protection against loss of a permanent source of income (33%). Nevertheless, in the last half of the year, every third Pole had to reach for the accumulated funds to cover basic needs, such as bills (12 %), grocery shopping (11%) or health care (11%) and although this is less by 11% less than a year earlier, it is still a significant indicator of the financial burden of households, it is also reported.

Important goals of saving savings include: leisure/exit (23%), where after a decrease in 2023, the scale of saving for this purpose increased significantly (+9 percentage point), including security for the duration of retirement (17%) and medical and health goals (16%).

At the same time, 34% of respondents had to benefit from external assistance, i.e.: a loan or loan to cover basic needs, with 8% experiencing this this year. Poles are increasingly considering the search for additional sources of income in the face of rising living costs and pressure to increase savings. According to a BIG InfoMonitor survey, 35% of respondents are considering taking up an additional job to improve their financial situation.

“The increase in the number of people using external assistance in the face of financial difficulties indicates deeper structural problems in the financial situation of Poles. Many people, despite the desire to limit expenses, are unable to cover their basic needs on their own. This means that changing habits, including reducing spending on many products and services that improve the life situation, and often are the basis for decent functioning, becomes a common strategy. This is one of the reasons for the real decline in retail sales in September. In addition, a significant percentage of people who feel the need to take up additional work only highlights the growing concerns of the country’s residents related to maintaining financial stability. If we are already talking about financial stability, and more specifically about its lack, according to our data, on average, the consumer is over PLN 33,400 arrears. This means that only a small part of the people pointing to have savings in the survey would be able to pay their debts thanks to them” – added the chief analyst of BIGMonitor Waldemar Rogowski.

Source: BIG InfoMonitor and ISBnews

Panattoni constructs AI-driven distribution Hub for Auchan near Warsaw

Panattoni is advancing logistics innovation with a fully automated, AI-controlled distribution center for Auchan Polska in Wilcza Góra, near Warsaw. Designed as a bespoke (BTS) facility, the center will handle orders for Auchan’s upgraded online platform using advanced AI and machine learning systems developed by UK-based Ocado.

The Wilcza Góra facility marks the latest stage in Auchan’s digital transformation, following the April launch of its enhanced e-commerce platform focused on customer convenience and personalization. The new center will support faster, flexible delivery options, with up to 40,000 products available, including same-day deliveries. “Our high-tech distribution center will be a game-changer for the Polish market, particularly in optimizing last-mile logistics and the order picking process,” noted Piotr Dopierała, Supply Chain & Logistics Director at Auchan Retail Polska.

Construction of the 18,000 sqm center, which began in Q3 2024, is scheduled for completion by June 2025, with early access for Auchan planned in March 2025. Operations are expected to launch in Q4 2025, after the installation of Ocado’s automated technology. The facility is designed for scalability, enabling Auchan to handle surges in demand efficiently, especially during peak seasons.

Marek Dobrzycki, Partner at Panattoni, emphasized the center’s strategic importance: “This innovative distribution hub will elevate Auchan’s e-commerce capabilities, a vital part of its growth. Leveraging our extensive experience in developing large-scale logistics centers, we are proud to support Auchan in this forward-thinking venture.”

The design includes specialized zones for various food storage needs, with dedicated areas for refrigerated items (maintained at 2°C to 5°C) and frozen goods (-20°C to -22°C). Additionally, the facility will feature covered loading docks, high-strength flooring, and a sprinkler system certified to FM Global standards.

Reflecting Panattoni’s commitment to sustainable development, the center is targeting a BREEAM Excellent certification. Energy-efficient measures include motion-controlled LED lighting, optimized delivery routes to reduce CO₂ emissions, and automated packaging to cut waste. The roof is also being reinforced to support future solar panel installations.

Wilcza Góra’s proximity to the S7 expressway and Auchan’s established shopping center in Piaseczno underscores its strategic location, facilitating streamlined logistics for one of Poland’s leading retail brands.

Romania report: 63% of mortgage seekers opt for newer homes; 40% employed by multinationals

A recent report by online mortgage broker Ipotecare.ro and SVN Credit Romania reveals a trend among Romanian mortgage applicants favoring newer homes: 63% of applicants are targeting properties delivered after 2010 or currently under construction, while 40% are employed by multinational companies. Another 18% work in state-owned enterprises.

The majority of mortgage applicants, aged 25-40, have stable incomes, with 79% earning a wage and 21% reporting alternative sources, such as freelance work, dividends, or copyrights. The average mortgage amount in Romania for 2024 is around EUR 62,000, contributing to the EUR 5.5 billion in total mortgage loans issued nationally this year. This represents a 49% increase compared to the same period in 2023, with the national mortgage balance reaching EUR 21.6 billion, a 2% rise from last year.

Of those seeking mortgages, 42% work in small businesses or have non-traditional income sources, while a notable 23% of buyers are opting for homes completed between 1978 and 2010. Just 11% are choosing homes built before 1978. The highest loan amounts are typically accessed by buyers over 45, who comprise 13% of the applicant pool. In contrast, younger buyers under 25 make up only 3.1%.

“The data confirms that purchasing a property with a mortgage correlates strongly with maturity and stability, both professionally and personally,” said Alexandru Rădulescu, managing partner of SVN Romania | Credit & Financial Solutions. He emphasized the importance of carefully planned decisions regarding mortgage financing, as these often influence buyers’ professional and personal trajectories.

Fixed interest rates continue to dominate, making up 98% of mortgages granted this year.

Ipotecare.ro, an online broker, employs advanced algorithms to tailor optimal financing solutions, while SVN Romania | Credit & Financial Solutions remains a significant player in the mortgage brokerage market, with over EUR 91 million in mortgages brokered in 2023 across its 17 offices in Romania.

Source: Ipotecare.ro and SVN Credit Romania

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