MASTERBUILD completes construction of Pitești Shopping Park

MASTERBUILD General Contractor & Developer has completed construction on a new shopping center in Pitești, developed by Square 7 Properties in collaboration with the Belgian investment fund Mitiska REIM. Situated in the northern area of Pitești, the new Pitești Shopping Park offers 24,000 sqm of leasable space.

The project is divided into two main zones: a DIY and construction section and a retail gallery. The DIY and construction section hosts Leroy Merlin’s first store in Pitești, a space of over 9,782 sqm, offering a wide range of products and services for renovation and home improvement projects. The retail gallery covers more than 6,648 sqm and includes notable brands like Tedi, Takko Fashion, Dr. Max, Fressnapf, Sinsay, Xpress, Pepco, and a food court area, with Burger King as the main tenant.

“We are thrilled to collaborate with the professional team at Square 7, who bring valuable retail development experience and share our vision of creating sustainable, high-quality retail spaces that are more than just new shopping destinations. They bring genuine added value to the community and transform into vibrant hubs that integrate seamlessly into city life,” said Ștefan Ferdinand Vayna, CEO of MASTERBUILD General Contractor & Property Developer.

The project investment totals over EUR 19 million.

One United Properties sold long-term leased properties worth EUR 52.4 million

One United Properties sold long-term leased properties, part of its commercial project portfolio, worth EUR 52.4 million in the last 18 months. The total area of these properties is 20,851 square meters GLA and the transactions recorded an average yield of 6.64%.

“The intense activity that our company’s commercial division has carried out in the last year and a half indicates a significant increase in investor interest in income-generating assets,” says Mihai Păduroiu, CEO Office Division One United Properties.

“We sold all the leased assets in the portfolio that were small in size, under EUR 10 million per property, and the demand we found in the market was very robust,” adds Mihai Păduroiu.

Among the properties traded are One Herăstrău Office, the Lidl retail space at One Verdi Park, the One North Gate 2 building, as well as the retail spaces in the One Cotroceni Park and One High District developments intended for the opening of new sports centers with swimming pools operated by WorldClass.

University of Târgu-Mureş acquires mall for transformation into Educational Hub

The “George Emil Palade” University of Medicine, Pharmacy, Sciences and Technology in Târgu-Mureş, which has approximately 11,000 students, is investing in new educational spaces, amid the constant increase in the number of enrollments.

Among its most recent acquisitions is the building that once housed one of the city’s shopping centers. The acquisition of the mall, valued at approximately EUR 10 million, is part of a broader strategy to expand the university’s infrastructure. The mall will house the Faculty of Economics and Law, as well as the Faculty of Sciences and Letters.

“The demand for quality education is growing, and in order to maintain standards and provide adequate conditions for students, this expansion of the infrastructure was necessary,” said prof. univ. dr. Leonard Azamfirei, the university’s rector.

“The mall offered already compartmentalized and suitable spaces to meet our expansion requirements, and the acquisition was economically justified,” he added.

Park Properties has acquired 15,000 sqm plot of land on the shores of Lake Snagov

The Park Properties company has acquired a 15,000 sqm plot of land on the shores of Lake Snagov for a residential development of luxury villas.
The SunLake Snagov project will consist of over 30 luxury villas with a unique interior design, boat parking and a water sports club. The complex will also benefit from a shopping mall with a supermarket that will offer direct access, both by land and by boat, from Lake Snagov, being the first supermarket with water access in Romania. The market value of the project in Snagov is estimated to exceed EUR 20 million.

“SunLake Snagov will be a luxury villa complex that will have a private marina with boat parking, infinity pools, a lakeside promenade, a supermarket with direct boat access, a fitness room and other common facilities for future tenants. Given its position, right on the shore of Lake Snagov, two minutes from DN1 and ten minutes from the A3 highway, the land is located in one of the best positions on the shore of Lake Snagov, both in terms of view – being a sloping land – where all the villas will benefit from a view of the lake, and in terms of access – being one of the most easily accessible on the shore of Lake Snagov from Bucharest. Within the private marina, SunLake Snagov will also benefit from a water sports club with activities such as water skiing, paddle boarding, wakeboarding or monoskiing,” stated Alexandru Mănăilă, Managing Partner and shareholder of the company.

Source: economica.net

Tomah Kahled buys ExpoCenter hotel

Iraqi businessman Tomah Kahled, owner of the Sir shopping complex in Bucharest, bought the former 4-star Best Western Plus ExpoCenter hotel from Libra Internet Bank, and is now preparing the construction of a new hotel in one of Bucharest’s business districts.

The bank sold the hotel to Tomah Kahled for a price of EUR 4.1 million. The Iraqi investor included it in the Sir hotel group and has already reopened it under the name Sir Royal, this being the first 4-star hotel in his portfolio. The 4-star Sir Royal hotel has 39 rooms. Among the hotel’s facilities are 3 conference rooms, each with a capacity of up to 50 people, and 3 other large event rooms, with a capacity of up to 200 people.

At the same time, Tomah Kahled is aiming to build a hotel on a 650 square meter plot of land he owns across the street from the Orhideea shopping center and near the Sir Orhideea hotel, which the investor has in his portfolio. His plan is to build a hotel with a basement, ground floor and 6 floors, with a total area of 2,250 square meters, equivalent to about 60 rooms.

Source: Profit.ro

HILS Development Partners with CIJ Awards Romania 2024

CIJ EUROPE is pleased to announce HILS Development as a partner of the prestigious CIJ Awards Romania 2024, set to take place on December 4th at the Radisson Blu in Bucharest.

HILS Development’s projects are strategically located near metro stations, offering seamless connectivity to commercial, educational, and healthcare networks, and feature nearby amenities such as coffee shops, shopping centers, malls, and pharmacies to meet the needs of each community. With a portfolio of six large-scale projects, HILS Development consistently upholds an efficiency standard, completing 1,000 apartments annually, equivalent to one apartment every two working hours. The company is committed to designing solid, modern apartments with efficient layouts, delivering an exceptional quality-price ratio for its clients.

In 2024, HILS Development surpassed the milestone of 11,000 built and sold apartments. In 2023, they launched two landmark projects: HILS Sunrise—their first project to receive pre-certification from Green Homes for sustainable and eco-friendly features—and HILS Republica, the largest mixed-use urban regeneration initiative in the eastern part of Bucharest.

This year, HILS Development also introduced HILS Titanium, its sixth large-scale residential project, which will consist of seven buildings with a total of 1,194 apartments. This development becomes the first residential project in eastern Bucharest to receive Green Homes pre-certification.

The CIJ Awards Romania 2024 will celebrate outstanding achievements in residential, commercial, and mixed-use developments, bringing together industry leaders to showcase the latest trends and successes in Romanian real estate. For more information about the event, please visit our website: https://awards.cijeurope.com/cij-awards-romania/

GLOBAL VISION Partners with CIJ Awards Romania 2024

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

Founded 20 years ago by Sorin Preda, Global Vision is a first-generation family-run business that has become synonymous with excellence in the real estate sector across Romania. With over 1.8 million sq.m developed and 800,000 sq.m managed within its asset & property management division, Global Vision continues to set benchmarks in construction, development, and asset management across Romania and CEE.

In the last year, Global Vision delivered over 100,000 square meters of offices, industrial and logistics spaces, in Bucharest and across the country, in strategic locations, well-connected by road and rail, as well as by air and sea.

Global Vision will be celebrating right this evening the 20th anniversary through an extraordinary event, a special concert, “Proms of Delight” at the iconic cultural place Romanian Athenaeum. The evening will round off with a cocktail party accompanied by live music.

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

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.

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