According to ZF, the Tower Center on Victoria Square in Bucharest has been snapped up by Ioannis Papalekas and Bîlteanu Dragos, two of the strongest real estate investors in the local market. The two don’t tend to be excessively forthcoming about the deals they do, so it’s not a surprise that the pricing details haven’t surfaced yet. But they’re unlikely to have paid what the developers, Industrialexport and Avrig 35, originally envisioned, as ZF claims the building has no tenants yet. With its 22 floors and a height of 106 meters, it’s described as the tallest completed office tower in town since the doors opened in 2008.
AFI Europe has picked up €13.4m in financing from UniCredit Bank Austria, which it needed to get construction going on AFI Business Park Cotroceni in Bucharest. AFI Business 1 is the first of five class A office buildings the developer hopes to build that would add 70,000 sqm to Bucharest’s office stock. “We are impressed with the bank´s responsiveness and their ability to deliver the financing under the current tough market conditions,” said AFI’s CEO David Hay.
Epstein Architecture & Engineering has begun building a finished good warehouse for Star Foods on the southern edge of Bucharest. The €2.5m scheme is an extension of the company’s existing manufacturing facility and will include a 4,500 sqm warehouse for finished products. Completion is expected by the middle of 2012. Improvements to the entire facility will be made at the same time, such as upgrading fire water supply, a new guard house and truck facilities.
The CIJ Awards in Romania last week were the last of the series, which began six weeks ago in Warsaw and continued through Prague, Budapest and Bratislava before hitting the Romanian capital. The crowd in Bucharest was big and the winners were congratulated in an enthusiastic mood. Once again, we tip our hats to all the developers who completed projects during 2011, and send a special congratulations out to the all the winners. You probably already know their names, but the pictures are most likely new to most of you. Check back later in the day for even more pictures, as more continue to come in.
Best Office Development
Best Small Office Development
Best Shopping Center Development
Maritimo Shopping Center
Best Retail Development – Phase
Baneasa Shopping City
Best Warehouse/Logistics Development
Ploiesti West Park
Best Law Firm of the Year
Tuca Zbarcea & Asociati
Investor of the Year
Property Management Team of the Year
Real Estate Agency of the Year
The Advisers/Knight Frank
Project Management Company of the Year
Retailer of the Year
Personality of the Year
Developer of the Year
The Romanian market may be hurting, but it’s certainly producing a decent number of retail schemes. Not only are around seven scheduled to open this fall, but another one has just gotten underway. Caelum Development has assigned Apolodor SRL and Edrasis – C. Psallidas SA to begin foundation work on Park LakePlaza, which will be constructed in the eastern Bucharest neighborhood called Titan. As is Caelum’s way, the scheme doesn’t lack for ambition, with 67,000 sqm of GLA envisioned for 200 stores. Construction is expected to take 30 months. Cinema City, a Cora hypermarket, and Pure Fitness Center are among the tenants already signed up, and the developer claims that 50% of the space has either signed leases or has heads of terms agreed.
DTZ Echinox and Jones Lang LaSalle have been chosen to represent the Cocor Mall in lining up leases for the 10,000 sqm retail center. Cocor, a €24.5m investment, is located in central Bucharest and was reopened in 2010.
In office news, medical service center Medlife has rented 3,000 sqm from Rompetrol in a deal brokered by by CB Richard Ellis. The 10-storey building is located on Calea Victoriei in the center of the Romanian capital. Rompetrol, which has retained ownership of its old headquarters, has moved to the City Gate office building in a deal that was also brokered by CBRE.
Posted in Agency, deals, developers, office, retail, Romania
Tagged Bucharest, CBRE, Coro, DTZ, JLL, retail, Rompetrol
H&M will open its sixth shop in Bucharest in November, following a lease agreement for 1,600 sqm in the city’s biggest mall, Sun Plaza. Opened in 2010, the mall was developed by EMCT & S Immo, and offers 210,000 sqm of retail space. Other anchor tenants include Zara, C&A, Marks and Spencer, Debenhams, New Yorker, Hervis, Sprider, Koton, Diverta, Humanic and Deichmann.