Hagag Development Europe Partners with CIJ Awards Romania 2024

CIJ EUROPE is proud to announce that Hagag Development Europe will be a partner of the prestigious CIJ Awards Romania 2024, set to take place on December 4th at the Radisson Blu in Bucharest.

Hagag Development Europe is an international real estate investor-developer specialized in residential and commercial projects in Romania, traded on the Tel-Aviv Stock Exchange. The company’s portfolio spans across multiple industry segments, from residential and office to retail. In addition, Hagag has been the first developer on the local market to place significant investments into developing and growing the niche segment of urban renewal through the redevelopment/renovation of old, historical buildings in downtown Bucharest.

This year, the developer’s attention was focused on pushing forward with its two retail projects – H Stirbei Palace and the commercial component of H Pipera Lake, and attracting future tenants. Meanwhile, the company has added to its portfolio a new residential project located in East Bucharest, submitted the documentation to secure the building permit for phase II of H Pipera Lake, and reached a 90% occupancy rate for its office building H Tudor Arghezi 21, and 80% for its Business Center H Private Arghezi.

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://awards.cijeurope.com/cij-awards-romania/#about

Serbia and Chinese Minth to cooperate on logistics investment projects

Serbia’s government and the Chinese car parts manufacturer Minth have signed a memorandum of cooperation on development and logistics investment projects in Serbia’s capital Belgrade and the northern town of Indjija, according to the government. The agreement was signed during Serbian prime minister Milos Vucevic’s visit to Minth’s headquarters in Shanghai.

Earlier in July, Serbia’s government approved an agreement with Minth that will see the Chinese firm set up a new production facility in Indjija and invest EUR 870 million over a period of 10 years.

Minth already has car part plants in Loznica and Sabac, in western Serbia. The company operates in Serbia since 2018 through subsidiary Minth Automotive Europe.

Increase in Residential Building Permits Issued in Romania

In the first nine months, 27,262 building permits for residential buildings were issued, up 3.3% compared to the same period in 2023, according to data from the National Institute of Statistics (INS).

Increases were recorded in the following development regions: South-Muntenia (+336 authorizations), West (+273), North-East (+140), North-West (+105), Bucharest-Ilfov (+92), South-West Oltenia (+47) and South-East (+9)”, show INS data. A decrease was recorded in the Center development region (-134 authorizations).

In September 2024, 3,490 building permits for residential buildings were issued (+3.9% compared to August 2024). Of the total building permits for residential buildings, 72.8% are for rural areas.

In territorial terms, this increase is reflected in the following development regions: West (+108 authorizations), Center (+59) and North-West (+58). Decreases were recorded in the following development regions: North-East (-46 authorizations), South-West Oltenia (-23), Bucharest-Ilfov (-13), South-Muntenia (-9) and South-East (-4).

Lantmännen Unibake advances major project in Romania

Lantmännen Unibake Romania, one of the leaders of the Romanian bakery market, supplier to McDonald’s and other players in the HoReCa industry, opened a new production line at its factory near Bucharest in the spring and is now preparing to launch another one, as part of an investment of over EUR 100 million.
“We installed the first new product line at the end of last year, and in May 2024 we took over the building and started production. The second of the project’s 3 lines is currently being installed, with tests in December and production starting in January 2025,” says Viorel Ognean, Managing Director Lantmännen Unibake Romania.

For next year, forecasts indicate a turnover of EUR 50 million, and upon completion of the entire project, when the entire factory will have a total of 4 production lines, the EUR 100 million mark per year in terms of sales will be exceeded.

Source: Profit.ro

HORECA asks the Romanian government to reduce taxes on salaries

The Romanian Hospitality Federation asks the government to reduce taxes on employees’ salaries and incomes, maintain VAT at 9% for food and preserve holiday vouchers, warning that, currently, the entire HoReCa industry is at point 0.

“For the coming years, we either choose to eat from large chains or we choose to support small and medium-sized Romanian players. The Federation firmly asks the government to reduce taxes on employees’ salaries and incomes, maintain VAT at 9% for food and preserve holiday vouchers”, states a press release from the Federation of Hospitality Employers in Romania.

According to the organization’s president, Valentin Şoneriu, the industry is going through a difficult period, because not only have raw materials become more expensive, but there are cost increases on all levels.

“The industry is going through a difficult period, because not only have raw materials become more expensive, but there are cost increases on all levels, and this leads to very large increases, because the increases have a multiplier effect. Currently, very few businesses in this industry can survive, because it is becoming increasingly difficult to remain as competitive as before and to support prices,” said Valentin Şoneriu.
Source: economica.net

Romanian property tax remains the same in 2025

The government will postpone until January 1, 2026 the application of the new method of calculating the taxable value for buildings, based on the value from market studies, with the same property taxes to be paid next year, announced Prime Minister Marcel Ciolacu.

“We also have important news in the fiscal field and it is good news, not bad news! Next year, Romanians will pay the same property taxes! We have postponed until January 1, 2026 the application of the new method of calculating the taxable value for buildings, based on the value from market studies. Until then, the Ministry of Finance must build a specialized structure, and the Cadastre Agency is obliged to provide data to this structure,” declared Marcel Ciolacu, at the beginning of the weekly Government meeting.

Chic Chic Urban Fashion opens first location outside the Capital, in Iulius Town Timisoara

IULIUS is diversifying its portfolio of luxury retailers by drawing new partners. Chic Chic Urban Fashion, a multi-brand retail chain bringing together exclusive brands, recently opened its first location outside of Bucharest in Iulius Town Timişoara. Chic Chic Urban will also operate in RIVUS, the urban regeneration project that IULIUS Company is developing in Cluj-Napoca.

The opening of Chic Chic Urban Fashion in Iulius Town grants access to clients in the west of Romania to a diversity of high-end brands such as: JOOP, Zac Posen, John Galliano, STRELLSON, Maison Close, ISNURH, Patrizia Pepe, Herve Leger, IOS by Maica, Serge Pariente, HUDSON, Fabio Rusconi, My Best Bag Firenze, La Haine.

“We chose Iulius Town following a thorough analysis, due to its popularity and diversity, which perfectly lines up with our brand vision. This projects includes a wide range of stores, restaurants and services, drawing a large and diverse public. We believe that this location is an ideal stepping stone for our expansion into other key areas of the country, allowing us to reach an increasing number of clients and to offer them access to our exclusive collections, plus an exceptional shopping experience. We are delighted with the opportunities afforded by Iulius Town,” said Briana Baciu, Marketing Specialist, Chic Chic Urban Fashion.

The Chic Chic Urban Fashion retail chain operates two full price locations, two outlets and a Patrizia Pepe HUB in Bucharest, the store in Iulius Town marking the retailer’s first location to open outside the Capital.

IWG to open new coworking space in the Business Garden Bucharest complex

Vastint Romania announces a new strategic partnership with IWG, the global leader in hybrid workspace solutions, which will open a new Spaces location within the Business Garden Bucharest complex.

As the adoption of hybrid working rapidly accelerates across Romania, the number of enquiries for space in International Workplace Group locations has risen sharply and this new opening helps meet rising demand.

The company plans to open the new coworking space in Q1 2025, occupying 1,900 sqm of meeting rooms, private and shared offices, within Building A of the Business Garden Bucharest office project. Spaces, along with other global and regional workspace brands, is part of the IWG network, which includes Regus, HQ and Signature.

“We are establishing a stronger and much-needed footprint in Romania with this latest opening. As an important business hub Bucharest is a fantastic place for us to boost our expansion plans. The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal. We are very pleased to work in partnership with Vastint Romania to develop the Spaces brand under a management agreement that will add a cutting-edge workspace to their building. Our opening in Bucharest comes at a time when more and more companies are discovering that flexible working boosts employee happiness and satisfaction, while helping the environment. Our workplace model is also proven to increase productivity and allows for a business to scale up or down at significantly reduced costs,” stated Mark Dixon, CEO & Founder of International Workplace Group PLC

“We are thrilled to welcome IWG, the largest player in coworking segment in Romania, in Business Garden Bucharest. This new partnership reaffirms the attractiveness of Business Garden Bucharest, the office building LEED Platinum certified with the highest score in Romania, which offers, besides an urban garden and very generous outdoor seating areas, a variety of services available in the immediate neighborhood (shopping mall, food court, hypermarket, fitness & spa). Also, a strong argument for IWG and any new tenant is that we are very aware of the importance of community services for tenants, so developing a work environment that encourages employee returning to the office is a priority for us. We understood that the workspace must be as attractive as possible and provide experiences that employees cannot get if they work from home or a coffee shop, so we regularly organize a variety of activities and events, well appreciated by our tenants,” stated Sorin Macoveiu, Director Comercial Vastint Romania.

One Cotroceni Park will host the new headquarters of HIKVISION

One United Properties announces that HIKVISION, a global leader in video surveillance products and solutions, will open its new offices in the sustainable One Cotroceni Park building. The relocation was facilitated by CBRE Romania. The 1,330 square meter office space will support HIKVISION’s expansion and operational needs, marking an important step in the company’s growth in the Romanian market.

„Welcoming HIKVISION to the One Cotroceni Park community is a testament to our development’s strategic location, its sustainability and the quality of the facilities on the premises”, said Mihai Păduroiu, CEO Office Division One United Properties. “We are dedicated to providing sustainable, cutting-edge office spaces that foster innovation and growth for our tenants, and we look forward to supporting HIKVISION’s operations and success in Romania.”

„We are extremely pleased with the decision to be part of the One Cotroceni community, because we are surrounded by very well-known brands, and we are positioned in a business interest area. Also, the employees are lucky to have at their disposal many places where they can serve a meal or invite a customer for a coffee. We want this collaboration to be long-lasting and full of successes”, highlighted representatives of HIKVISION.

„HIKVISION’s relocation to One Cotroceni Park showcases our commitment to providing tailored real estate solutions that foster growth and innovation”, said Alexandru Orzea, Senior Consultant at CBRE Romania. “This move will allow HIKVISION to streamline their operations and enhance their client engagement through a purpose-built office space designed to meet their specific needs.”

Clifford Chance Badea advised Alpha Bank in the sale of 90,1% of the shares to Unicredit S.p.A.

Clifford Chance Badea advised Alpha Bank Group and Alpha Bank Romania S.A. on all Romanian law aspects of the sale of 90,1% of Alpha Bank Romania S.A. to UniCredit S.p.A, including the structuring of the deal and all the required legal processes.

The transaction has been cleared by the European Commission and was subject to, among others, approval by the National Bank of Romania and FDI clearance in Romania.

Daniel Badea, Clifford Chance Badea Managing Partner, says: “Our office has a long and successful track record of working with both Alpha Bank and Unicredit Bank, two high profile banking institutions that have greatly supported Romania’s economic advancement over the past decades. We are honored to stand by them during such a landmark moment in their history.”

Counsel Loredana Ralea adds: “This was, to some extent, an unprecedented transaction for the Romanian banking industry, due to its complex structure that required several workstreams running in parallel, and their perfect synchronization. Our extensive expertise in financial sector transactions has proven essential at every stage. We are happy to have worked closely and efficiently with all parties involved, so as to carry one of the largest transactions in the Romanian banking industry to a successful closing, within a rather ambitious timeframe considering the scale of the deal.”

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