Park Properties to start construction of the third block in the Sun Lake Residence in 2025

Real estate developer Park Properties will launch construction of the third block in the Sun Lake Residence project, located on the shores of Lake Fundeni in the Capital, in 2025, and will reach a total of over 300 apartments in this project.

“The Sun Lake Residence project located on the shores of Lake Fundeni has 308 apartments and 350 parking spaces. We have completed the first two 12-story blocks, a total of 140 apartments, and we have sold all the units in the complex, we only have a few penthouses left. We intend to start the 18-story block in 2025,” explained Alexandru Mănăilă, managing partner, Park Properties.

Park Properties sold about 70 apartments in the Sun Lake Residence project in 2024, and the block on which construction begins in 2025 will include 168 apartments. Currently, the developer is finalizing the landscaping of the complex’s courtyard and wants to start handing over the units by the end of the year.

Source: zf.ro

Mirel Rădoi enters the real estate market with a network of retail parks

Former Romanian football player and national team coach Mirel Rădoi has entered into a partnership with entrepreneurs Florentin Avădanei and Bogdan Macovei, the latest associate of real estate developer One United Properties, with the aim of launching a network of retail parks in several localities in Romania.

Entrepreneur Florentin Avădanei, founder of the Goldbach group, specialized in construction and real estate developments, has co-opted Mirel Rădoi and Bogdan Macovei into 5 of his project companies, named after the localities targeted for the development of retail parks, namely Oravița (Caraș-Severin), Moreni (Dâmbovița), Huși (Vaslui), Titu (Dâmbovița) and Drobeta-Trunu Severin (Mehedinți).

Mirel Rădoi took over 25% of these companies, Bogdan Macovei 50%, and the remaining shares remained with Florentin Avădanei.

Goldbach Construct is known for building several Kaufland and Lidl hypermarkets and collaborating with Element Group, a developer founded by entrepreneur Ionuț Dumitrescu.

Source: Profit.ro

Croatia’s Primo acquires Slovenia-based Ferba Projekt

Croatian investment company Primo Real Estate has signed with Swiss investment company Ferba a deal to buy Slovenian real estate company Ferba Projekt with an estimated transaction value of EUR 24.48 million. The deal is subject to approvals from the regulatory bodies of Slovenia.

Ferba Projekt manages real estate for industrial production and warehousing in Kamnik, 15 kilometres from the Slovenian capital Lljubljana.

Considering the similarities of the real estate markets in Croatia and Slovenia, Primo remains open to potential further acquisitions of real estate including office buildings, logistics and distribution centres, and industrial real estate that offer rents as long-term source of revenue.

After the completion of this deal, Primo will manage commercial real estate with overall 67,000 square metres and its total assets will reach EUR 75 million.

Radisson Blu Cluj Napoca will complete its new building in the second half of 2025

The five-star Radisson Blu hotel in Cluj-Napoca, opened in the summer of 2022, is expanding its capacity. Construction of a new wing, which will add 20 premium rooms and suites, began this year and the structure is due to be completed in January 2025.

The new spaces are scheduled to open in the second half of next year, according to Nina Moldovan, chairman of the board of Winners Park Invest, the company that manages the hotel. The expansion comes after a busy period for the hotel.

In September and October, the Radisson Blu operated at an average occupancy rate of 58%, hosting nearly 100 events, mostly organized by companies in the IT, insurance, manufacturing and medical industries. The hotel’s spaces were also used for private events, including weddings and anniversaries. In addition to increasing its capacity, Radisson Blu Cluj-Napoca has budgeted a turnover of EUR 7,7 million for this year.

Fratelli signs contract to replace La Mama Ateneu restaurant

Fratelli Group has signed the lease agreement for the former La Mama location at Ateneu, in the center of the capital, which was closed after 22 years of operation, and will open a new restaurant in its place in the spring of 2025.

“It will be a modern restaurant, which will be called Casa Fratelli. It is in the same line as what is happening at Fratellini, Biutiful or Uanderful. We do not yet know how much the investment will be, but it will be quite large. We want to target the premium audience, and as for the menu, we have not yet established anything. We have some things in mind, but we have not decided yet. We would like to open it sometime in the spring, most likely in April,” says Dani Caramihai, shareholder of the Fratelli group.

The capacity of the new restaurant will be about 120-130 people on the terrace, and there will be a similar volume inside.

Source: Profit.ro

MedLife to open new hospital in Craiova

MedLife has inaugurated the new MedLife Craiova Hospital, an investment of almost EUR 6 million. The new hospital covers an area of 3,400 square meters and will be fully open in early 2025.

“This hospital is not only an investment in health, but we aim to offer patients quick access to complex investigations and treatments, with the support of a top medical team and the most modern technologies. In fact, we currently own the only private hospital network with national distribution and we are committed to remaining pioneers in the development of private medicine in Romania,” said Mihai Marcu, President and CEO of MedLife.

MedLife Craiova Hospital joins the 15 hospitals, the 200 clinics and hyperclinics, and the 34 laboratories in the MedLife network. Currently, MedLife has the largest diagnostic and treatment platform in the country.

Source: economica.net

Kaufland has opened new store near Bucharest

Kaufland Romania is expanding its presence nationwide and opening its sixth store in Ilfov County. Thus, the company is creating over 70 new jobs and supporting the development of the local community.

Located on Pipera Boulevard, no. 2/IX, the new Kaufland is built on a total area of almost 6,200 sqm, with a sales space of over 3,300 sqm. The new location offers 267 parking spaces.

The shopping gallery offers access to a variety of shops and services, such as the Doctor Skin beauty center, Dr. Max pharmacy, Sibianul, Beautifier, Good2Go, etc.
Kaufland is among the largest retail companies in Europe, with over 1,550 stores in 8 countries, over 155,000 employees and a network of 184 stores in Romania.

RENOMIA Romania Partners with CIJ Awards Romania 2024

CIJ EUROPE is proud to announce RENOMIA as a partner of the CIJ Awards Romania 2024, that will take place on December 4th at the Radisson Blu in Bucharest.

Founded in 1993, RENOMIA is the largest insurance brokerage and risk management company in the CEE. RENOMIA combines the atmosphere of a family business with the best international standards. We are present in all countries in the CEE, we represent 70.000+ clients and 590+ employees , with over EUR 1billion control premiums .

Named as the Insurance Broker of the year after year in the Czech Republic and in Romania by XPRIMM award as the best corporate insurance broker of the year 2023, RENOMIA continues to improve it’s services day after day in order to bring to our clients the latest insurance products available in the global market.

“The mission and values of RENOMIA determine the culture and character of our company. They reflect our approach to each other, and to our clients and partners. We believe in RENOMIA’s mission and values, and we act in harmony with them.“

Comprehensive services in insurance and risk management require specific knowledge of and experience. RENOMIA has long been building specialized teams to understand the needs of our clients as best as possible.

RENOMIA operates in 12 countries throughout central and eastern Europe , as well as 19 other countries and in the rest of the world together with their partners from RENOMIA European Partners and Arthur J. Gallagher & Co.

The CIJ Awards Romania 2024 will recognize outstanding achievements across various categories, including residential, commercial, and mixed-use developments. This high-profile event will bring together leading professionals and highlight the latest trends and successes in the Romanian real estate market. For more details about the event, please check out our website: https://lnkd.in/dpJvqsbF

Mortgage and consumer loan balances rise in Romania during 2024

Total loans granted to individuals in Romania reached €37.4 billion by the end of September 2024, reflecting a 6.6% increase compared to the end of 2023. This growth, highlighted in a report by online broker Ipotecare.ro and financial consulting firm SVN Credit Romania, was driven by significant gains in both the mortgage and consumer loan segments.

The mortgage loan balance stood at €21.7 billion at the end of Q3 2024, representing a 2% rise compared to the end of the previous year, according to data from the National Bank of Romania. Mortgages accounted for 58% of the total loans in repayment across the country, while consumer loans held a 37.5% share.

Romania’s mortgage sector has seen remarkable growth in recent years. The current mortgage balance is nearly four times higher than its 2008 level, which stood at just €5.7 billion. Additionally, the share of active mortgage loans in Romania’s GDP has climbed from 3.9% in 2008 to an estimated 6.7% by the end of 2024. Despite this progress, Romania’s mortgage market remains modest compared to European averages, where mortgage balances represent about 40% of GDP.

“Continuous economic development has fueled demand for modern, more spacious homes. This has led to a transformation in the credit structure, with mortgage loans now dominating the total credit balance,” noted Alexandru Radulescu, Managing Partner at SVN Romania | Credit & Financial Solutions. He added that Romania’s mortgage market has substantial growth potential, with the possibility of doubling in size over the next decade, especially when compared to Western European markets, which are more than ten times larger.

The local mortgage market has also evolved qualitatively. In 2008, mortgage loans represented just 21% of all loans in repayment, with consumer loans dominating at 79%. Furthermore, 92% of mortgages at the time were denominated in foreign currency. In contrast, as of 2024, mortgages account for 58% of the total loans balance, while foreign currency mortgages have decreased significantly to just 12%.

The consumer loans segment, while smaller than in 2008, has also experienced recent growth. The total consumer loan balance stood at €15.7 billion at the end of September 2024, down from €21.3 billion in 2008. However, 2024 marked a strong year for consumer loans, with a €2 billion increase in the first nine months alone.

Romania’s credit landscape reflects a dynamic shift towards mortgages, spurred by improving living standards and evolving housing needs, setting the stage for continued expansion in the years ahead.

InStil Hotels Group opens its third hotel in the center of Bucharest

The InStil Hotels Group, owned by the Alecu family, will open a new 4-star boutique hotel property: Ecletico Villa. The renovation and refurbishment of the historic building in the Rosetti Square area amounted to around EUR 2.5 million.

The Ecletico Villa currently has 18 rooms. In addition, Ecletico Villa also has a breakfast room and an interior courtyard terrace that preserves a valuable architectural element of the original building, a fountain over 100 years old.

The InStil Hotels portfolio, owned by the Alecu family, currently comprises three hotel properties in Bucharest, categorized as 3 and 4 star hotels, catering to various categories of tourists, from business to leisure. The group’s development projects also include the renovation and modernization of the former Hotel Banat, located in Rosetti Square, a property for which an investment of EUR 4 million is planned and which will be put into use with 40 rooms, as well as the former Euro 11 hotel in Sibiu, a 38-room hotel that will have 38 rooms and will require an investment of approximately EUR 3 million.

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