All posts by tudor@cijeurope.com.

Vastint awaits approval for large-scale residential development in northern Bucharest

Vastint is awaiting approval for a major residential development planned in the Sisești area of northern Bucharest. The project, which will be developed over 15 to 20 years, depends on the release of the Zonal Urban Plan (PUZ). The nearly 50-hectare site was acquired by Vastint in 2016.

The developer has revealed initial plans, which include a central park spanning 14 to 15 hectares—comparable in size to Cișmigiu Park. According to Antoniu Panait, CEO of Vastint, the park is intended to be one of the first elements of the project to be completed once the PUZ is approved.

The master plan includes facilities such as a private school and high school, as well as spaces allocated for a kindergarten, a public school, and potentially a state high school. Other planned amenities include a police station, swimming pools, and various services positioned around the central park.

“We are waiting for the approval of the chief architect, after which the project will be submitted to the General Council. We hope the process will not be delayed much further,” Panait said.

The project will be developed in multiple phases.

Source: economica.net

NEPI Rockcastle to complete Promenada Mall expansion in Q1 2027

The lease terms have been agreed for 68% of the area that the expansion of Promenada Bucharest will occupy, the opening of which is estimated for Q1 2027, according to NEPI Rockcastle.

The investor has been working for several years on the expansion of the Promenada mall, which upon completion will become one of the most expensive properties in Romania, with a value of almost EUR 500 million.

NEPI Rockcastle’s initial plan was to add a multi-storey building to the expansion of the Promenada shopping center, with an area of 58,400 square meters, of which 27,500 square meters were dedicated to office space. The company is now analyzing the option of including in the project a 4-star business hotel with approximately 200 rooms, which would occupy two and a half floors of the new building. Specifically, the office space will also be reduced to two and a half floors from the planned four.

The investment in this project is calculated at EUR 282 million, a large value also because it will have a seven-story underground parking lot with about 1,600 spaces.

Source: Profit.ro

Bucharest will have the largest golf club in southeastern Europe

Turkish businessman Metin Dogan is investing over 60 million euros in the development of the National Golf & Country Club, a golf resort whose first phase will be completed this summer. The National Golf & Country Club (NGCC) is presented as the largest golf club in southeastern Europe. Located in the commune of Niculești, Dâmbovița county, the club covers an area of 75 hectares and includes a golf course, as well as a residential complex consisting of 173 villas and 111 apartments.

“We wanted to build much more than just a golf course – we wanted to offer Romania an international landmark, a space that would combine sport, architecture, hospitality and community spirit,” says Metin Doğan, founder of National Golf & Country Club.

Source: Profit.ro

Hercesa Romania continues the development of Stellaris Residencias

Hercesa Romania announces the launch of the third building in Stellaris Residencias near the Steaua stadium in western Bucharest, part of the project’s first phase. In recent months, the company has completed and delivered the first building, which is already inhabited by new residents, and continued construction on the second building, which is in an advanced stage of development.

“We are confident that the Romanian residential market, the second most important in our international portfolio, will overcome the current period of economic and political uncertainty. We are beginning construction on the third building while simultaneously preparing documentation for the fourth phase,” said Alejandro Solano, CEO of Hercesa Internacional. “The Stellaris community is starting to take shape, with residents already living in the first building, and it will expand with the completion of the second building, scheduled for the end of this year,” added Alejandro Solano.

The third building comprises 112 apartments with one, two, and three bedrooms, with prices starting from EUR 112,100 + VAT and approximate usable areas ranging between 56 and 107 square meters.This new phase brings several innovations to Hercesa’s portfolio, including energy-efficient technologies: combinations of heat pumps, hybrid heating systems, and air conditioning units, smart-home systems and heat recovery equipment. Additionally, space will be allocated for an educational facility dedicated to children in the community. This facility will become operational upon completion of the fourth building.

Stellaris Residencias is located in an area with easy access to public transportation (tram line 41, Parc Drumul Taberei metro), parks, schools, and shopping centers. Each residential building will feature 3,000 square meters of green space, basketball courts, relaxation areas and playgrounds exclusively for residents.

Additionally, the project includes the development of its own educational and road infrastructure, including 2.7 kilometers of roads, a kindergarten, and a school for grades 1–8.

Lio-Metal opens new metallurgy factory in Galați

Lio-Metal, a Romanian company in the metallurgy industry, is officially opening a new production factory in Galați, built to replace its old facility. With an investment of approximately EUR 5 million, financed with the support of ING Bank, the new unit represents a strategic step in the company’s development and a significant move towards modernizing industrial processes, increasing production capacity, and strengthening its position in the national market.

“After 16 years of activity, relocating to a modern factory is a natural step that allows us to operate at higher technological standards, ensuring an optimized, energy-efficient production flow that is much better adapted to current market demands. We are proud to have built this greenfield facility, tailored to our current needs. It represents the expansion of our capacity and reinforces our quality and operational efficiency standards. We have invested significantly in technology and people, and today we are better equipped than ever to deliver reliable and competitive solutions. We continue to build responsibly, following a clear vision of sustainable and long-term development,” stated Ion Luca, Founder and CEO of Lio-Metal.

Covering over 7,000 square meters and equipped with modern machinery, the new Lio-Metal factory will have an annual production capacity of around 25,000 tons. Over the next two years, it will enable an increase of estimated 50% in the total production volume.

STC Partners secures EUR 20 mln financing from Banca Transilvania for Quartier Ferdinand

Real estate developer STC Partners has obtained financing of EUR 20 million from Banca Transilvania for the development of the Quartier Ferdinand residential complex, located in the center of Bucharest.

Quartier Ferdinand, developed on a 4,400 sqm plot, is the first residential project in Bucharest to be pre-certified as a ZEB (Zero Emissions Building). The complex offers 170 apartments, street-level retail spaces, exclusively underground parking, a unique rooftop recreation area, and a children’s playground.

“The partnership signed with Banca Transilvania reconfirms the quality of the Quartier Ferdinand residential complex and represents an excellent opportunity for the sustainable development of central Bucharest. Trust in STC Partners’ projects guarantees a sustainable vision successfully implemented by a results-driven team that delivers homes on time,” stated Adi Steiner, Managing Partner at STC Partners.

Launched in the fall of last year, Quartier Ferdinand has already sold over 50% of the entire project. Quartier Ferdinand, which will require a total investment of over EUR 35 million, is currently under development and is expected to be completed in the last quarter of next year.

Marriott expands in Romania and brings new brands

The Marriott International hotel chain plans to expand its portfolio in Romania, with the expected addition of five properties and over 550 rooms by the end of 2028. The company’s growth plans are also anticipated to introduce the Residence Inn by Marriott and Four Points by Sheraton brands to the country, while expanding its presence in five destinations across the country.

Among the important aspects of the company’s growth in Romania until the end of 2028 are:
• The planned opening of the Residence Inn by Marriott hotel in the Cosmopolis area of Bucharest, marking the introduction of the extended stay brand in the country.
• Early entry of the Four Points by Sheraton hotel with an opening in Cluj-Napoca, a city famous for its historical and archaeological heritage.
• The planned continued expansion of the Courtyard by Marriott hotel in the country, with scheduled openings in Timisoara, Sibiu and Calimanesti-Căciulata.

Marriott’s operations in Romania currently include six properties and more than 1,380 rooms in Bucharest and Cluj-Napoca. Brands currently present in the country include JW Marriott, Sheraton, Autograph Collection, Moxy Hotels and Courtyard by Marriott. Romania is also home to five brands in the Marriott Bonvoy portfolio.

Modern retail stock in Romania reaches 4.7 million sqm

The modern retail stock in Romania has reached around 4.7 million sqm, which corresponds to a density of 250 sq m/1,000 inhabitants, still one of the lowest in both Europe and the CEE region.

On the other hand, developers have announced major investment plans for the coming years, so the gap between Romania and other countries in the region will continue to narrow, with more than 600,000 sqm of retail space currently due to be delivered by the end of the decade, according to data from real estate consultancy Cushman & Wakefield Echinox.

“In the medium and long term, the Romanian retail market has the potential for sustained growth, both in the main cities and in secondary and tertiary cities, the density of modern spaces being in many cases below the European average,” says Dana Radoveneanu, Head of Retail Agency Cushman & Wakefield Echinox.

The Dutch from Raben Logistics lease 3,500 sqm in ELI Park Bacău

ELI Parks announces the lease of 3,500 square meters within the ELI Park Bacău project to Raben Logistics Romania, part of the Raben Group from the Netherlands.
“The partnership with Raben reflects our commitment to developing class A industrial and logistics parks, adapted to the needs of companies in various industries,” said ELI Parks representatives.

The leased space will be used by Raben Logistics to improve the company’s distribution network, reducing delivery times and increasing logistics efficiency.
“The expansion of our network in Bacău represents an important strategic step in consolidating our national logistics coverage and streamlining our operations in the Moldova region,” says Codrin Ciobanu, Regional Manager, Raben Logistics Romania.

Selgros resumes expansion and opens new store in Sibiu

Selgros Cash & Carry Romania, one of the most important players in Romanian commerce, opens the 24th store in its network in Romania, in Sibiu, and marks 24 years of activity on the local market. The last Selgros store locally was opened in 2019.

The new unit creates approximately 200 jobs. The construction of the store began in June 2023 and it has an area of over 6,000 square meters.
The company has 4,700 employees nationwide, being among the most important employers in the field. Selgros Cash & Carry is a company that is part of the Transgourmet group, wholly controlled by Coop Switzerland, which currently owns 80 stores.

Source: Profit.ro

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