All posts by tudor@cijeurope.com.

Logicor doubles Romanian logistics portfolio with new EUR 25 million investment

Logicor, a logistics developer owned by sovereign wealth fund China Investment Corporation and Blackstone, has completed an investment of approximately EUR 25 million in the logistics park Logicor Bucharest III Pallady. With this new delivery, the developer’s portfolio has doubled in three years, reaching 330,000 sqm of leasable space, and future plans focus on developments around Bucharest.

The developer has completed the network’s newest logistics park, in the Pallady area of the capital, near the Anghel Saligny metro station. The project has two buildings with a total of 41,000 sqm.

The first building in the new project is 100% leased, and the second building is 65%. But, according to the company official, contracts will also be signed for the remaining free space in the next three months.

The tenants of Logicor’s new logistics park are Cărturești, Banca de Alimente, MKS, Editura Trei, Homplex and Vel Pitar.

Source:economica.net

North Bucharest Investment Partners with CIJ Awards Romania 2024

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

North Bucharest Investments (NBI) is a dynamic player in the real estate market, specializing in high-end residential properties. With its commitment to quality and strategic growth, NBI recorded sales that highlighting its ability to adapt to market demands and deliver consistent value to its clients.

North Bucharest Investments (NBI) was able to close a total of 877 transactions in the first 9 months of 2024, more than double the full year of 2023, and registered 400 real estate transactions in new residential compounds in the Northern area of the capital.

The company added 21 new residential developments in the first half of 2024, bringing its portfolio to 149 residential complexes, including 62 large-scale projects, concentrated in the sought-after northern areas of Bucharest.

North Bucharest Investments achieved transactions worth €137 million in the first nine months of 2024 while the number of employees and consultants has also grown in proportion to the business, from 41 in 2023 to 121 this year.

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

Kiddo Entertainment Group to open new unit in IULIUS’ RIVUS development

RIVUS Cluj-Napoca, the project by companies IULIUS and Atterbury Europe, will integrate the most complex entertainment center in Romania, implemented by the Kiddo Group. The novel concept will introduce Cluj-Napoca to premiering experiences that train your body and mind, dedicated to children and adults alike.

The format will include a wide range of attractions, such as a trampoline park, escalade areas, obstacle courses and hanging adventure trails, along with gaming arcades and toboggan labyrinths. There will also be a special area dedicated to parties and a space designed for immersive experiences, including virtual reality. This diversified approach aims to provide a variety of entertainment activities for children, teenagers, and adults, transforming these spaces into the ideal venue for adventure and fun based in Cluj-Napoca.

“We are bringing a large-scale entertainment format to Cluj-Napoca, one that caters to our young public’s demand for experiences and entertainment. The concept will be customized for Cluj-Napoca, spanning on approximately 1,800 square meters, and will offer the latest leisure options, in formats that combine sports and technology. Hype by Kiddo will include an extensive mix of attractions – immersive simulators, trampolines, obstacle courses. We have identified this expectation of our public regarding new entertainment formats in the online survey we conducted when the idea for the new mixed-use project came to be and we are glad that we can now announce our public that we will deliver on what we set out to do, as we already partnered with Kiddo Group. Shopping centers are evolving toward formats that create new shopping and entertainment experiences by integrating technology and redesigning physical space, and RIVUS is implementing this direction, being a unique lifestyle center for Romania, a destination-venue for the entire region and even on a nationwide scale,” said Oana Diaconescu, Head of Leasing Manager IULIUS.

Nokian Tyres wants to build its own photovoltaic park for the Oradea factory

The Nokian Tyres factory in Oradea, the world’s first zero-CO2 unit for the production of car tires, intends to build a photovoltaic park for its own energy consumption, and invites specialized companies to submit their offers.

The construction of the photovoltaic park involves design, supply, execution of works, assembly and commissioning. The estimated value of the work is RON 4,658,421.52 lei (excluding VAT), the contract execution term being a maximum of 4.5 months from the signing of the contract.

Nokian Tyres began construction works at the new factory in Oradea in May 2023 and were completed in September 2024. The total investment in the factory is estimated at approximately EUR 650 million, which places it among the most important projects developed in Romania in recent years. The premises also house a logistics unit for storing and distributing tires.

Cluj residents take out the largest mortgage loans

Imobiliare.ro Finance, the loan broker within the Imobiliare.ro group, conducted an internal analysis to determine the behavior of Romanians who requested financing this year in the counties with the strongest residential markets in the country.

According to the analysis, Cluj residents access the highest value mortgage loans, have the highest rates, but also pay the highest prices to make a real estate purchase. At the opposite end are Constanța residents who take out low-value loans and benefit from some of the most affordable apartment prices.

The research results also indicate that most Romanians seek specialized advice early on to ensure that when they find the right home they can buy it quickly. Reducing the time it takes to get a mortgage is more important than ever in a context where prices are constantly increasing and the number of available properties is decreasing.

The average age at which Romanians take out their first bank loan has increased slightly, reaching 35.09 years in December 2023 and the median age at 34.08 years, according to data from the National Bank.

PPC Renewables begins construction on Romania’s largest wind farm in Vaslui County

PPC Renewables Romania, previously known as Enel Green Power Romania, has officially launched construction on the Deleni wind farm in Vaslui County. Once operational, this facility will become the largest renewable energy plant in the Moldova region, boasting a significant installed capacity of 140 MW.

“This project marks our second wind farm beyond the Dobrogea region, where most of Romania’s wind energy has been generated until now,” said Adrian Dugulan, CEO of PPC Renewables Romania. “The wind potential here in Vaslui is substantial, and expanding geographically will support Romania’s energy diversification goals and strengthen power generation capacity in the north of the country. We are proud to contribute to Romania’s clean energy landscape, which we believe will boost the country’s economic competitiveness and benefit local communities.”

The Deleni wind farm is expected to be connected to the national grid by late 2025, furthering Romania’s commitment to renewable energy expansion.

Source: Profit.ro

Gránit Asset Management to acquire Equilibrium 1 office building from Skanska

The Hungarian company Gránit Asset Management, controlled by businessman István Tiborcz, has successfully completed the due diligence process with the Swedes from Skanska for the acquisition of the Equilibrium 1 office building in Bucharest, in a transaction valued at around EUR 50 million, which will mark the entry of this new player into the real estate market. The plan is for the transaction to be closed by the end of the year.

The Equilibrium 1 office building was delivered in November 2019, has 11 above-ground floors, a leasable area of 19,500 square meters and 228 parking spaces. The building is fully leased to companies such as Signal Iduna, Iron Mountain, Secom Healthcare, Newton, Moov Leasing, Elegance Decor, Caliz Box, DBH, Fly Go and SMS Metallurgy Romania.

The Equilibrium complex is located in northern Bucharest and also includes a second building, Equilibrium 2, delivered in December 2022, with a similar surface area to the first building.

Source: Profit.ro

Dobra family sells part of former energomontaj factory site to Kaufland and Lidl

The Dobra family, known for its real estate development activities in Cluj and Bucharest, has sold part of the land from the former Energomontaj factory site in eastern Bucharest to German retailers Kaufland and Lidl. The sale, conditional on obtaining building permits, paves the way for the construction of a Kaufland hypermarket and a Lidl store on half of the property.

According to official documents, the Kaufland hypermarket will span approximately 6,000 square meters, while the Lidl store will occupy about 2,500 square meters. The Dobra family, led by Călin and Alina Dobra, secured the necessary permits but will not be responsible for the construction of the stores.

The remaining land from the former factory is earmarked for a future shopping mall, which is currently in the authorization phase. The Dobra family plans to continue development on the site, adding to their portfolio of commercial real estate projects in Romania.

Source: Profit.ro

Radisson Blu Bucharest invests EUR 1.6 Million in conference room modernization

The Radisson Blu hotel in Bucharest has recently completed a EUR 1.6 million investment aimed at modernizing its conference and event spaces. The renovation project, which began earlier this year, focused on upgrading the hotel’s 12 meeting rooms, which are spread across more than 1,800 square meters and can accommodate up to 1,500 guests.

The revamped facilities include 11 state-of-the-art conference rooms and a spacious ballroom, catering to a variety of business events and social gatherings. The investment underscores the hotel’s commitment to enhancing its guest experience and remaining a top destination for conferences and events in the city.

Looking ahead, Radisson Blu Bucharest plans further upgrades, with the renovation of 100 premium rooms and suites slated to begin in 2025.

Radisson Blu Bucharest is owned by investment funds Revetas Capital and Cerberus, who acquired the hotel in 2017 for nearly EUR 170 million. This latest investment reaffirms their long-term commitment to maintaining the hotel’s premier status in the Romanian capital.

Source: economica.net

Office space demand in Bucharest drops by 25% in Q3

The total demand for modern office spaces rented in Bucharest decreased by 25% in the third quarter of this year compared to the same period in 2023, to 236,000 square meters, and the demand for new leases decreased by 11%, shows an analysis carried out by Colliers.

The medium-term outlook remains positive amid companies’ efforts to bring employees to the office more often, Colliers analysis shows.

“The year 2024 marks three consecutive quarters with no completions of new modern office projects, the longest period without deliveries since 2005. Considering that the only project that will be delivered with certainty in the next two years is the AFI Loft, with more than 16,000 square meters, scheduled for completion at the end of this year, Colliers consultants expect the market to balance out considerably. However, although there are signs of a transition towards an owner’s market in certain areas of Bucharest, the overall vacancy rate remains at around 15% across the city”, the research states.

“In the last two years, following a trend that we also see in other Central and Eastern European countries, such as Poland, renewals represented a larger part of the demand than usual, up to around 50% from lease transactions signed in Bucharest, as many companies have postponed decisions on office leases due to uncertainty related to hybrid work. For comparison, in the years before the pandemic, the share of renewals was, on average, 28% per year, falling to 19% in 2011 and 22% in 2019”, note the specialists.

Source: economica.net

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