Hagag Development Europe signs operating agreement with Radisson Hotel Group

Real estate investor-developer Hagag Development Europe consolidates its operations in Romania by expanding its presence to the hospitality segment. The company has selected Radisson Hotel Group as operator for its first hotel development in Bucharest, to open under the Radisson RED brand, and started the permitting procedure to revamp and repurpose its property on 5-7 Vasile Lascar Street, in central Bucharest.

This project will be developed following an over EUR 13 million investment, and involves the transformation of an office building dating back to the 1940s. Historically serving as the offices of the Institute of Hydroelectric Studies, the old office maze will be fully renovated and redesigned to provide 104 guest rooms in the historic Old Town area, offering guests a unique blend of modern amenities and historical charm.

“We have a lot of trust in the local hotel market and we believe that there is no better partner than Radisson Hotel Group to support our vision of transforming H Vasile Lascar into a lifestyle destination that will not only enhance our property’s value, but will revive one of Bucharest’s most elegant neighbourhoods. Our ambition is to offer stylish hotels with modern design and meaningful experiences, at a fair price, and we are delighted to see our properties being associated with one of the largest international hotel chains.”, Yitzhak Hagag, Co-founder and Chairman of Hagag Development Europe, stated.

The new Radisson RED Bucharest Old Town will be the first Radisson RED property in Romania and in Bucharest, which the Group has identified as a key city for growth.

Win Advisors, founded by Cătălina Roșu and Alina Vlădulescu, advised Hagag Development Europe in securing the debut of Radisson RED in Romania.

Schindler Romania moves its office to Business Garden Bucharest

Vastint Romania has concluded a new lease agreement of 1,160 sqm with Schindler Romania, Swiss manufacturer of elevators and escalators, who is relocating its headquarters to Business Garden Bucharest.

“We are thrilled to be moving into our new headquarters at Business Garden Bucharest. The fresh, contemporary setting is designed to energize our team and foster stronger collaboration with our partners. We see this move not just as a change of address, but as a launchpad for future initiatives and continued expansion of our team and our business in Romania. Also, sustainability plays a significant role in our business strategy, that’s why choosing Business Garden Bucharest was a natural fit – the buildings align perfectly with our commitment to eco-conscious operations. The location offers a forward-thinking workspace that’s recognized for its energy efficiency and low environmental footprint”, declared Alexandru Miu, Managing Director Schindler Romania.

The rental transaction was facilitated by CBRE Romania.

“We’re pleased to welcome Schindler Romania to Business Garden Bucharest—a company with a remarkable legacy and one of our most trusted partners in vertical transportation systems across our projects. As more international companies transition to premium office spaces, Schindler’s move underscores a strong alignment with our values of sustainability, efficiency, and employee well-being. Despite 2025 marking the lowest new office supply in Bucharest in two decades, and with many companies encouraging a return to the office, high-quality spaces are still available. We encourage those considering relocation to explore current options, as vacancy rates are declining and availability at Business Garden Bucharest is expected to be limited by year-end.” declared Sorin Macoveiu, Commercial Director of Vastint Romania.

Park Properties has begun the handover of the first apartments in SunLake Residence

Park Properties, the developer of the SunLake Residence complex, located on the shores of the Fundeni Lake in Bucharest, has started the handover of the 140 apartments, completed and fully sold, from the first two 12-storey buildings of the residential complex.

The first two buildings (Buildings A and B) of the three-building residential project have been completely sold before construction was completed. Since the beginning of April, new homeowners have started moving into their new homes in SunLake Residence.

“The SunLake complex consists of two completed 12-storey buildings and a future 18-storey building, scheduled to start construction in the near future. The total surface area of the residential complex exceeds 40,000 square meters, with a total market value of over EUR 40 million. The first two 12-storey buildings account for approximately half of this amount, representing a market value of around EUR 20 million. Most of the apartments in SunLake Residence are two- and three-bedroom properties, while the top two floors are home to 14 duplex penthouses with spectacular views of the lakes in the area”, said Alexandru Mănăilă, Managing Partner and shareholder of Park Properties.

SunLake features a private park and lakeside promenade, a playground overlooking the lake, generous green spaces, underground parking and apartments with spacious terraces overlooking the surrounding lakes. All 3- and 4-bedroom apartments have terraces ranging from 13 to 36 square meters overlooking the lake.

One United Properties to begin development on former Rocar bus factory site

Real estate developer One United Properties plans to launch construction soon on its new project on the site of the former Rocar bus factory in Bucharest’s Sector 5. Last month, the company acquired the 21-hectare industrial platform from Austrian investor Immofinanz, part of the CPI Property Group.

The developer intends to build a residential complex comprising approximately 3,000 housing units. The first phase is scheduled for completion in 2028.

“We believe this will be an attractive project for the market, offering starting prices of EUR 1,500 per square meter at launch—lower than many older apartments currently available in Bucharest and even cheaper than units in nearby communist-era buildings,” said Victor Căpitanu, co-founder of One United Properties.

In addition to housing, the project will include recreational and sports facilities, commercial spaces, a park, and other amenities.

Source: Profit.ro

CBRE Reports Strong Industrial Leasing Activity in Q1, Close to Record Highs

The total volume of leasing activity in the industrial and logistics sector reached 204,400 sqm in the first quarter of the year, comparable to the record years 2023 and 2024, with Bucharest concentrating 62% of total transactions, CBRE Romania data shows.

Recent developments have delivered 67,500 sqm of new space, and another 300,000 sqm are expected by the end of the year, in a balanced pipeline that responds to the consistent demand coming from logistics, production and warehousing.

“The solid demand, spread across all regions of the country, and the interest of investors in Romania reconfirm our position as a strategic regional logistics hub,” points out Răzvan Iorgu, Managing Director & Head of Industrial & Logistics, CBRE Romania.

As for the retail sector, it continues to perform above expectations. The modern stock has grown to 4.51 million sqm, with deliveries of new retail parks, and by the end of 2025, another 188,000 sqm of commercial spaces are forecast.

“The Romanian retail market stands out not only for its robust pipeline, but also for the dynamism of local and international brands that are expanding their footprint, strengthening the attractiveness for investors,” adds Carmen Ravon, Head of Retail CEE, CBRE Romania.

STRABAG Romania reports 32% growth in order portfolio for 2024

STRABAG Romania, a subsidiary of European construction group STRABAG SE, closed 2024 with an order portfolio valued at EUR 653 million, representing a 32% increase compared to the previous year. Romania ranked among the group’s most dynamic markets, alongside Poland, Austria, and Slovakia.

At the group level, STRABAG SE reported a stable production volume of EUR 19.2 billion and a record order portfolio of EUR 25.4 billion, marking an 8% increase year-on-year. Net profit reached EUR 823 million, up 31% from 2023.

STRABAG has been active in Romania since 1991 and operates across key construction sectors, including road infrastructure, civil engineering, real estate development, and environmental projects. The company maintains regional offices in Bucharest, Timişoara, Cluj, Iaşi, Braşov, and Sibiu.

Crocs to open new stores in Palas Iași and RIVUS Cluj-Napoca

Footwear brand Crocs is expanding its presence in Romania with two new store openings. The company will launch its first location in the North-East region at the Palas Iași complex, marking its fifth store in the country. The opening is part of a new phase of redevelopment at Palas, guided by a design concept from the architecture firm Foster + Partners.

In addition, Crocs will open a store in the RIVUS mixed-use redevelopment project currently under construction in Cluj-Napoca.

“Palas Iași is a dynamic retail destination that combines fashion, lifestyle, and entertainment, making it a suitable location for Crocs,” the company said in a statement. “This store provides an opportunity to connect with a diverse community that values comfort, individuality, and fun—qualities central to the Crocs brand.”

Ambito expands its scope of services in real estate sector

Ambito, a company specializing in electrical installation design and implementation, is broadening its role in the real estate sector by becoming a general contractor for installation works in both residential and commercial buildings.

The company oversees technical projects from initial concept through execution to final delivery. Its services include integrated solutions for fitting out commercial spaces, covering design, construction, and maintenance tailored to individual client requirements.

Founded in 2007, Ambito has participated in the development of electrical installations for more than 7,000 housing units and over 250 commercial spaces. It has also completed full fit-outs for more than 60 retail stores, managing the process from design to execution. Additionally, the company has contributed to public lighting installations in over 20 towns in Romania.

“This year marks a stage of maturity for our company, which we acknowledge through a rebranding and internal restructuring,” said Robert Dorobanțu, CEO of Ambito. “We remain focused on providing technical solutions that meet the needs of each project and partner.”

Ambito has been involved in various projects in Bucharest, including Nusco City, Cloud9 Residence, Gate Office Building, Cyberjump, Douglas Perfumery, Jolie Village, Nusco Green Homes, and Politehnica Business Tower.

The company recently completed a rebranding process, led by brand strategist Mugurel Frîncu, transitioning from its previous name, Smart Lighting & Installations, to Ambito.

Albania’s planning agency approves Jared Kushner resort project

Albania’s territorial planning agency has granted a preliminary approval for a tourist project which Donald Trump’s son in law, Jared Kushner, is planning to develop on Sazan island, according to prime minister Edi Rama.

“It has received an approval in principle, an approval from the National Territorial Council to begin with. It will come back for a second approval, as required by law, and it will move forward,” Rama said.

Kushner must now submit technical documentation, detailed plans, environmental studies, ownership records, and territorial impact assessments to the agency in order to obtain a final approval.

The project with an estimated investment value of EUR 1.4 billion will be built on an area of 45 hectares.

Prime Batteries Builds New Factory in Cernica, Plans Additional Investment in Fundulea

The Romanian manufacturer Prime Batteries Technology, founded and controlled by the Romanian entrepreneur Adrian Polec, wants to build another factory, 200 meters away from the production unit already operating in Cernica, in order to expand production capacity and add new technological processes.

The new factory will include 3 buildings, one with 3 floors, another with 2 floors and a production and storage hall. The construction of these buildings alone, without equipment, costs around EUR 2.5 million.

In parallel, the company is preparing the construction of a factory in Fundulea, a giant investment, and construction works will begin in the coming period. Polec owns an 8.8-hectare plot of land on which it has authorized the construction of a new factory with a total capacity of 6 GWh, an investment of around EUR 700 million.