All posts by tudor@cijeurope.com.

Altex expands with a new store in Bârlad, Romania

Altex Romania continues its expansion on the retail market, inaugurating a new store in Bârlad, Vaslui County. The new store is located on Bulevardul Republicii no. 320, next to Kaufland.

The expansion of the store network remains a priority for Altex, which aims to offer customers fast and convenient access to a wide range of products, maintaining the best quality-price ratio.

“By opening this store, we bring technology closer to the residents of Bârlad, offering them state-of-the-art products at the most competitive prices, along with flexible financial solutions through Credex. Altex remains committed to its mission of contributing to the progress of local communities through technology, innovation and accessibility,” said Raul Filip, Deputy CEO, Altex Romania.

Altex has over 130 stores across the country. In almost three decades of activity, Altex has evolved from a local TV import business to the market leader in electronic, home appliance, IT&C and multimedia products in Romania.

Uniprest Instal Leases 3,000 Sqm in ELI Park Iași

Uniprest Instal, a Târgu-Mureş-based company that distributes heating installations, controlled by the Dutch group Rensa, has signed a lease agreement for 3,000 square meters in ELI Park Iaşi, a project in the ELI Parks portfolio.

The company was assisted in the transaction by real estate consultancy firm Cushman & Wakefield Echinox.

“Our partnership reflects our commitment to providing top-notch logistics solutions that support renowned companies in developing and optimizing their regional operations,” said ELI Parks representatives.

From the perspective of Ştefan Surcel, Head of Industrial Agency Cushman & Wakefield Echinox, companies in the retail and distribution area have been very active on the industrial and logistics space rental market in Iaşi, and developers are very keen to build modern parks to meet this demand, which comes from both international and local players.

Knauf Insulation started production at the glass mineral wool factory in Târnăveni

Knauf Insulation, one of the largest manufacturers on the insulating materials market, part of the German Knauf group, started production at the glass mineral wool factory in Târnăveni, the company’s most modern production unit in Central and Eastern Europe. With an investment of approximately EUR 140 million, the new factory will have a production capacity of over 75,000 tons of glass mineral wool and will employ over 100 people.

The construction of the new Knauf Insulation production unit in Târnăveni was started in early 2023 through a project worth almost 140 million euros, for which it requested state aid of EUR 18.2 million.

Knauf Insulation is part of the Knauf Group which has over 42,000 employees in 90 countries, and 320 factories worldwide with sales of EUR 15.6 billion in 2023. The Knauf Group has been present in Romania since 2008 and was founded in 1932, being an independent family company.

Source: Profit.ro

Innovative consolidation plan for 523-apartment block in Bucharest avoids mass relocation

A block of 523 apartments located on 6-8 Garii de Nord Street is to be consolidated using an innovative solution, so that it is not necessary to relocate all residents, announces the mayor of the capital, Nicușor Dan. The building in sector 1 of the capital hosts approximately 900 people.

“The works will be supported by an innovative consolidation solution, without relocating all residents. The expertise has been carried out, and the feasibility study is almost completed. The project is financed with RON 130 million through the PNCCRS, the program of the Ministry of Development. The estimated duration for the completion of the works is 48 months,” mentions Nicușor Dan.

“The expertise will propose at least two intervention solutions (the minimum and the maximum variant) on the building in question, substantiated by detailed calculations. The entire expert assessment process will take 2 months. Based on the results of the investigations, the experts will try to identify intervention solutions for consolidating the building that would apply strictly to the lower levels of the building. In this way, there would be no need to relocate all the tenants in the 6 apartment buildings, and the consolidation works could be completed faster,” the AMCCRS website stated.

Source: Profit.ro

Eurobank exits Romanian real estate market with sale to APS Group

Eurobank Group, which divested Bancpost to Banca Transilvania five years ago, is now exiting the Romanian real estate market entirely. The group has agreed to sell IMO Property Investments Bucharest, the entity responsible for managing and selling its remaining real estate assets in Romania, to APS Group, a leading asset management firm in Central and Eastern Europe.

The transaction, signed in November 2024, is expected to close in the first quarter of 2025, pending regulatory approvals. This sale marks the final step in Eurobank’s strategic withdrawal from Romania.

APS Group, a major player in alternative asset management across Central, Eastern, and South-Eastern Europe, brings extensive expertise to the table. The firm operates through 15 regional offices and manages over 100 portfolios with a nominal value exceeding €11 billion. Established in 2007, APS Romania is a key part of the group, employing 250 staff and managing a wide range of assets in the local market.

This move aligns with APS Group’s expansion strategy while allowing Eurobank to complete its exit from the Romanian market. The transaction highlights the continued interest in Romania’s real estate sector among major international asset management firms.

Source: Profit.ro

Belgian Group IDS acquires 4,000 sqm plot in Floreasca from Victoria Ventures

Belgian group International Development Solutions (IDS), which is developing a 900-apartment complex in Pipera, has bought a plot of land on Calea Floreasca, Bucharest, on which an office project is authorized, according to sources in the real estate market. The plot of almost 4,000 sqm was purchased from Victoria Ventures, a company owned by Ioan Paul Rafail and Ioannis Dragatakis.

On the plot of land, the construction of an office building with 4 basements and seven floors, with an area of 13,700 sqm, has been designed and authorized for several years. The authorization was extended and is still valid.

IDS is also developing a large residential complex in Pipera, called Victoria Homes, between the Bucharest ring road and the Oxford Gardens complex. The Belgians plan to build 20 four-story blocks of flats on a 4.5-hectare plot of land with 899 apartments, plus 273 underground and 847 above-ground parking spaces. The first 6 blocks of the first phase of the development were handed over in 2023, and work is now underway on the second phase.

Source: Profit.ro

Otilia Bordei, Roxana Ilie and Louis Juhel launched their own consulting company

Otilia Bordei, Roxana Ilie and Louis Juhel left Avison Young Romania and launched TREEE, their own consulting company specialized in identifying and intermediating office spaces.

The three experts in the field have mediated transactions of hundreds of thousands of square meters of commercial and office spaces, for companies such as Orange, Microsoft or IBM.

Among the services offered by the new consulting company are sale and re-lease, transaction management, owner and tenant representation.
“What differentiates us from other agencies in the field is our commitment to personalized solutions. We do not believe in standardizing services, each client has unique needs and enjoys a package adapted to their specific requirements. This approach allows us to explore the most innovative and sustainable options, thus maximizing the positive impact of our clients on the environment and their business,” says Roxana Ilie, TREEE Partner.

Source: economica.net

CBRE Romania assisted Rus Savitar in the sale of the furniture factory in Timiş

Real estate consultancy CBRE Romania assisted Rus Savitar, one of the largest furniture and chipboard companies in Romania, founded by the Rusu family, in the sale of the factory in Dudeştii Noi, Timiş County, to UE Furniture, a global leader in the production of chairs, armchairs and sofas.
The transferred property consists of 120,000 sqm of land and 60,000 sqm of buildings.

“The transaction between Rus Savitar and UE Furniture ensures both the continuity of the local tradition in furniture production and the creation of a significant economic impact in the region,” says Mădălin Aresmeriţoaie, Senior Consultant I&L, CBRE Romania.

The acquisition in Dudeştii Noi by UE Furniture represents the company’s second investment in Romania, after the opening of a factory in Orăştie, in May 2023.

Crevedia Retail Park expects tens of thousands of visitors per month in 2025

Crevedia Retail Park, with a total leasable area of 11,400 sqm, has been inaugurated, and developer REPACO Capital expects tens of thousands of visitors per month throughout 2025.

The estimate considers the potential of a clientele of at least 70,000 inhabitants for retailers who have rented spaces in Crevedia Retail Park, from an area located in the immediate vicinity of northwest Bucharest, spread over Ilfov and Dâmbovița counties, which has seen consistent population growth in recent years.
Among the tenants of Crevedia Retail Park are a 1,800 sqm supermarket (Annabella) and other stores specializing in the trade of: footwear (CCC and Deichmann); cosmetics, healthcare and pharmacy (DM, Dr Max); clothing (New Yorker, Sinsay); toys (Noriel); furniture (JYSK); various products, from clothing to household items and decorations (KiK, Pepco, TEDi). Added to these is a drive-in restaurant, opened by the Finnish fast-food chain Hesburger, and a fitness center Stay Fit Gym.

REPACO Capital is currently developing other retail parks: two under construction, in Curtea de Argeș (6,100 sqm) and Breaza (3,100 sqm), and two others in the authorization process, in Timișoara (4,500 sqm) and Brașov (5,500 sqm).

Bucharest, Ilfov, and Timiș lead Romania in mortgage loans issued in 2024

Bucharest, Ilfov and Timis are the top three regions with the most tabulated mortgages in 2024 in Romania, followed by Iasi and Constanta, according to an analysis released by online broker Ipotecare.ro and financial consultant and mortgage lending company SVN Credit Romania.

About 86,600 mortgages were tabulated last year in Romania, up 26.5% to 2023’s level. The biggest annual increase, of 107%, was registered in Iasi. However, this was determined by the delayed tabulation of some presales contracts closed in previous years. Significant annual increases in tabulated mortgages were also registered in Bihor, of 65%, in Arges, of 33.6%, and Brasov, where 33% more mortgages were issued last year.

Compared to the total number of home sales concluded last year in Romania, tabulated mortgages hold a share of 51%, according to SVN’s calculations based on statistics published by the National Agency for Cadastre and Land Registration. However, it should be noted that the total number of tabulated mortgages also include refinancings, reconversions and restructurings, as well as personal loans with mortgages. Thus, cash transactions still hold the majority of home sales closed in Romania.

”The mortgage market returned to an upward trend since the middle of the last year and we estimate that 2025 will bring an acceleration of the growth rhythm of the mortgage loans granted. A significant part of the financing institutions have already aligned their mortgage offers at a level below 5% / year in the fixed interest rates segment, a level that is attractive for those wishing to finance a home purchase. The mortgage market will continue to develop rapidly in the coming years, especially in the large regional centres of the country, such as Timisoara, Cluj – Napoca, Brasov or Iasi, but also in medium – sized cities,” said Alexandru Radulescu, managing partner SVN Romania | Credit & Financial Solutions.

The next position in the ranking of regions with the most mortgage loans granted in 2024 is occupied by Cluj, with an annual increase rate of 24.7%. The city on the Somes river is only on the six position due to the high level of savings registered in the region, with cash transactions holding thus a large share compared to other regions in the country. Brasov, Sibiu and Bihor occupy the following positions among the regions with the most tabulated mortgages in Romania in 2024, while Arges closes the top 10, according to Ipotecare.ro analysis.

Mortgage loans worth EUR 8.2 billion were granted in total at a national level in the first 11 months of 2024, up 42% compared to the first 11 months of 2023 – please note that this volume also includes refinancings, conversions, transfer and restructurings.

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