All posts by tudor@cijeurope.com.

Atria Urban Resort concludes Phase III of the project

Atria Urban Resort, real estate complex developed in the north-west area of the Capital, in sector 1, by EVERGENT Investments, in partnership with Cityring Property, announces the completion of Phase III of the project and the launch of the last stage, during which there will be built more than 450 apartments, out of a total of 1,365. The project, whose value is close to EUR 140 million, is to be completed in approximately two years.

“We expect the sale of the apartments in Phase III, which we have just completed, to be completed next year. In our market, the average project development period from the construction phase to the completion of the sale is three years and the residential market in the Capital has favorable prospects. From the data we have analyzed, in terms of transactions, the residential market is approximately EUR 1 billion in sector 1 alone. The figures take into account old and new construction, houses and apartments. That’s why we are already thinking about a new investment, so that after the completion of Atria, we can continue with a new residential project,” said Liviu Lepădatu, CEO of Cityring Property.

Phase IV is in the stage of obtaining the required approvals and building authorization and will have 457 apartments, the developer anticipating that the works will start in about 6 months. Cityring Property is considering that, after the completion of Phase IV, to start a new real estate project in the same area, on a 6.5-hectare plot of land, on the shores of Lake Străulești.

City Grill Group expands in Cluj through partnership with Marty Restaurants

The City Grill restaurant group is expanding in the western part of the country through a partnership with the Marty restaurant group, a local Horeca player, with City Grill taking the majority stake.

“The expansion of the City Grill Group outside Bucharest, started now through the partnership with Marty Restaurants from Cluj, marks an important strategic direction for us, an intention we have had for some time, but for which we were looking for the right moment and the right partner. The founders and the Marty team convinced us that we had found what we were looking for, and after multiple discussions over the course of two years, we confidently took over the majority stake, with the local team continuing to manage the 6 restaurants from an operational perspective and under the same brand Marty,” said Daniel Mischie, CEO of City Grill Group.

Mitiska REIM opens new retail park in Romania

Mitiska REIM has announced the opening of a new retail park in the city of Pitesti, Romania, one of four new development projects planned by Mitiska REIM for the Romanian market in the next two years.

The new Pitesti Shopping Park has as its main anchor a Kaufland supermarket of 5,700 square meters and includes 15 commercial units with a total leasable area of 17,285 square meters. The new retail park offers a wide range of national and international brands, including TEDi, Pepco, KiK, the Clever Fit gym, and the first Leroy Merlin store and the first Burger King drive-through in the city.

Developed on behalf of the FRI 2 fund and in partnership with Square 7 Properties, this new project is the first developed by Mitiska REIM in Romania that includes rooftop solar panels. Financing for the development of the retail park was provided by Erste Group AG.

Andrei Ceaușescu buys a 64-hectare plot of land from NCH for extensive development

Businessman Andrei Ceaușescu, the developer of about 2,000 apartments under the Sun Park brand in Sectors 3 and 4 of the capital, bought a 64-hectare plot of land in the Giulești Sârbi area of Bucharest from the American-Israeli investor group NCH, in order to create a mixed-use green urban development instead. This is the largest area of land transacted this year and one of the largest signed in recent years.

The buyer’s plan aims to create a green urban development with a mix of recreation area, park, university campus, medical rehabilitation clinics and sports facility.
In the past, one of the Chiajna Agricultural Production Cooperatives operated on this land.

Source: Profit.ro

Speedwell prepares EUR 130 million mixed-use project in Pipera

Real estate developer Speedwell is preparing a mixed-use real estate complex, with offices, apartments, medical clinics and a hospital of the Regina Maria Medical Network, on the land it bought last year in the Pipera area.

Speedwell bought the 28,500 square meter plot of land from Atlas Corporation, on which there were 10 buildings, mainly warehouses, for an estimated price of around EUR 14 million. The existing buildings on the land were demolished earlier this year and the permit process for a mixed urban complex began.

Almost half of the land, 13,371 square meters, is reserved for the construction of the fourth hospital in Bucharest of the Regina Maria medical network, plus a building that will house medical clinics.

On the other half of the land, Speedwell is preparing to build two interconnected office buildings with a cumulative area of 23,500 square meters and 3 residential buildings with 250 apartments, with a combined development value of EUR 130 million.

Source: Profit.ro

Ionuț Negoiță acquires former Cesarom factory land in Bucharest for €23 Million

Romanian entrepreneur Ionuț Negoiță has acquired the land of the former Cesarom factory in Bucharest’s Preciziei area from Spanish group Roca, the world’s largest manufacturer of sanitary ware. The factory’s operations in Romania were fully ceased prior to the sale.

Negoiță paid €23 million for two plots of land, totaling almost 12 hectares. The deal was facilitated by Crosspoint Real Estate, a prominent real estate consulting firm.

In a statement, Negoiță shared his plans for the site: “Our estimates show that around 3,000 apartments can be built here. We will start the permit procedures and begin construction as soon as we secure all necessary documents. It’s a long-term project.”

Cătălin Gavrilă, a partner at Crosspoint Real Estate, expressed satisfaction with the deal: “We thank Roca for their trust and are pleased to have successfully completed another exclusive mandate for an international client. It’s encouraging to see Romanian developers growing their competitiveness in a market dominated by global players. This acquisition adds a strategic asset to Ionuț Negoiță’s impressive landbank and further establishes him as a leading residential developer.”

The development is expected to significantly impact the local real estate market, contributing to the continued growth of Bucharest’s residential sector.

Source: Profit.ro

Deichmann leases 20,000 sqm of industrial space in ELI Park Bucharest project

The German shoe retailer Deichmann signed a lease contract for 20,000 square meters of industrial space in ELI Park Bucharest, a project in the ELI Parks portfolio.

“This project will strengthen our operations in the Central and South-Eastern Europe region, positioning us for sustained growth in the coming years. We are pleased to align our operations with the extensive Deichmann network and are proud to establish our own independent distribution center,” says Ruxandra Frunzetti, Managing Director for Deichmann Logistica.

The lease was signed for a period of 7 years, with the possibility of extension for another 3 years, and also includes 1,050 square meters dedicated to offices and social areas.

“Deichmann’s decision to establish an international distribution center here underlines the strategic advantages that our location and infrastructure offer to top companies in the retail and e-commerce sectors,” say ELI Parks representatives.

CBRE advised Deichmann in the transaction.

Legislative proposal limits advance payments for real estate purchases to 10%

A group of PSD parliamentarians has introduced a legislative proposal aimed at capping advance payments for purchasing newly built properties from developers at 10%. Under this proposal, developers would be allowed to collect a higher down payment of up to 40%, provided they have a valid insurance policy. The advance payments would be deposited into a special account designated for the specific building project, with funds strictly allocated for development purposes.

This initiative emerges 14 years after two significant real estate scandals in Bucharest—the Planorama and Terra Residence cases—where hundreds of buyers lost both their advance payments and the promised apartments. The proposal is also a response to a recent investigation by Recorder, which highlighted practices by the developer Nordis, who was found selling apartments in their Mamaia project.

A similar initiative was proposed in 2019, seeking to regulate real estate transactions by limiting advance payments to 10% and requiring residential projects to be registered with ANL. However, this previous effort stalled in the legislative process in 2020.

The current proposal aims to provide greater protection for homebuyers and restore confidence in the Romanian real estate market.

Romeo Pomponiu acquires former factory for ambitious residential project

Businessman Romeo Pomponiu, known for owning the Steilmann chain of stores, has completed the acquisition of a former production hall from German citizen Sever Belu. This facility, located adjacent to Pomponiu’s property behind the Pipera subway station, is set to play a pivotal role in his vision for a large-scale residential complex, with the approval process already underway.

Pomponiu’s company, Anteco, purchased the approximately 8,300-square-meter plot from Belu Form Prod, which has housed a production hall and warehouse since 2006. The transaction was finalized for €6.5 million.

The ambitious new project aims to develop a 14-story residential building, incorporating various complementary services. Plans include the addition of a sports hall, both ground and underground parking facilities, offices, and commercial spaces for catering and retail, marking a significant investment in the local real estate market.

Source: Profit.ro

Lefties 0pens third digital store in Romania at Iulius Town Timișoara

Lefties, a brand under the Inditex Group, one of the world’s largest fashion retail conglomerates, has launched its third store in Romania, located within the Iulius Town Timișoara mixed-use development. With this opening, Iulius Town becomes the first project in Romania to host the complete portfolio of Inditex brands, which includes ZARA, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, ZARA Home, and Lefties.

The new Lefties store spans an impressive 5,000 square meters on the upper floor of Iulius Mall. It showcases the latest digital trends in retail, featuring innovations such as smart fitting rooms, Easy Pay cash registers for both card and cash transactions, dedicated return stations for purchased items, and a customization area for select clothing and accessories.

The store’s unique product presentation layout is designed for ease of shopping, allowing customers to quickly locate items based on price or personal style. Lefties’ development strategy in Romania emphasizes the Digital Store concept, which provides customers with expansive retail spaces ranging from 3,000 to 5,000 square meters, all equipped with advanced technology to enhance the shopping experience.

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