The Galleria malls from the cities of Arad, Piatra Neamt and Buzau, owned by the real estate developer GTC, were valued at the end of June 2014 at 29 million euro, 17% less compared to March, while the office ensemble City Gate from Bucharest lost 1% of its value in the past three months.
City Gate ensemble, the most important asset of GTC in Romania, was estimated at the of H1 at 156 million euro, 1% less compared to the end of March.
The downwards reevaluation of the commercial centers was caused by Read more
Some of the Romanians (70%) prefer the big commercial centers, while 27% of them prefer the small ones, and the shopping on street shops represent an option for only 2% of the Romanians, according to the CBRE study “How Consumers Shop”, Romania edition. In comparison, 1 in 5 Europeans chooses the commercial street against other forms of retail. In the same study have been interviewed 21,000 consumers from 21 countries to find out where and how they shop. Romania was included in the study with a batch of over 1,000 consumers from all geographical areas and all age groups. Read more
The investments fund Equest Balkan Properties (EBP) is in the final stage of selling the commercial park Vitantis Shopping Center located next to the cars fair Vitan from Bucharest, to Revetas Capital, a company specialized in the acquisition of distressed real estate projects. “We are in the final stage of selling the project and I hope the deal will be closed in the following weeks. The transaction is in due-diligence stage since some time ago”, declared the representatives of EBP. The buyer Revetas Capital is active in Central and Eastern Europe, with offices in London, Bratislava, Vienna, Krakow and Bucharest. The company is administrating an investments vehicle with a capital of 40 million euro, and at this moment is raising funds for another vehicle, with a capitalization target of Read more
The net incomes of the commercial center Militari Shopping Center have decreased in the first quarter by over 17% to 1.4 million euro, because of the difficulties of the DIY Company Praktiker, one of the largest tenants, shows the most recent report of Atrium European Real Estate, the owner of the retail park. “The decrease of the rent incomes in Poland and in Romania was caused mainly by the difficulties registered by the DIY tenants, and because of including among the assets for which Read more
The real estate developer Anchor Grup, who developed the first two malls from Bucharest, has started the renovation of the commercial center Plaza Romania from Drumul Taberei neighborhood. This process will require an investment of 10 million euro and should be completed by the end of the next year. This investment should fill in the empty spaces of the project, to bring the number of visitors to a daily average of 30,000 people and also to increase the mall’s turnover by 50%. The renovation process will be completed in stages, so the mall can remain operational, and the first results of the process should be visible starting the end of this year. “All the ingredients are prepared, the group secures the financing, the project is ready, we have the construction works permit and we started the construction yard prepping. Plaza will get a new commercial face, hopefully for the next ten years. The estimated time for works is 18 months, but we try to finish sooner. The first stage of the works, which Read more
Unirea Shopping Center Company intends to contract a bank loan of 70 million euro to finance the investments in those two commercial centers owned in Bucharest and Brasov, so the shareholders will discuss this issue in June. The loan will be accessed depending on the stages of investment program, according to the data in the convenor. This year, according to the data included in a company report, the management aims to create access links between the commercial area and access passages and transportation (subway, train station), for both commercial centers from Bucharest and Brasov. Read more
The stock of modern commercial spaces remained the same, at almost 1.66 million square meters in Romania, after no new project was inaugurated in the first quarter of this year, and for this entire are expected only two projects (62,000 square meters) – the smallest offer since 2005. “Two commercial centers are expected to be inaugurated by the end of this year, both of them developed by the investments fund NEPI – respectively Vulcan Value Center (35,000 sqm) in the southwest of Bucharest, and Shopping City Targu Jiu (27,000 sqm) in Targu Jiu City. Thus, the new offer from 2014 in Romania will reach the lowest level since the year 2005”, shows the most recent report from the real estate consultancy company JLL Romania. Over 890,000 square meters (nearly 54%) of the overall stock of modern commercial spaces is located in Bucharest, and to this will ad another 150,000 square meters, representing the volume of deliveries scheduled or the next year, especially in areas without modern commercial centers. In 2015, the national stock will increase by another 45,000 square meters, in Brasov City.
About a third of the commercial centers from Romania, with an overall surface of over 500,000 square meters, might need investments worth some 200 million euro in renovation and improvement of the mix of tenants, declared Tudor Popp, managing partner of Immpuls Real Estate Solutions Company. The first mall from Romania was opened 15 years ago – Bucuresti Mall from Vitan neighborhood, in Bucharest. This mall will now enter a renovation process that costs 10-12 million euro. Popp estimates that some of the malls need the investments in order to survive, and the owners will focus in the following period on increasing the offer of leisure and entertainment. Immpuls Real Estate Solutions registered in 2012 a turnover of 3.5 million lei from consultancy, design and project management services.
The real estate developer Benevo, owned by the businessman Michael Topolinski, has obtained the construction permit for Victoria City project, which consists of a commercial center and an office building located in Bucurestii Noi neighborhood in the north-west of Bucharest. After many postponements, the construction works are expected to start in July and will be completed in October 2015. The real estate project will be located on the former platform of Textila Dacia factory and will have an overall lease surface of 68,000 square meters – commercial center plus office tower. The space in the commercial center is already rented 70% by Colliers International and will house a Cora hypermarket, famous fashion brands such as H&M, Hervis, C&A, Mango, Deichmann and Koton, it will have a Cine Grand cinema with eight halls and an entire floor for entertainment and food, of 12,000 square meters, indoor and outdoor space. They also added that they prepare the expanding of the lease surface of the commercial center by another 15,000 square meters. The office building will house 2,000 employees.
Nova Imobiliare Company announced yesterday that is considering developing Colosseum retail park from Chitila with another 15,000 square meters, after signing a lease contract with the Danish furniture group JYSK, who took under temporary administration a space of 1,200 square meters, where has opened a store on April 10th. “This new lease contract with JYSK if the proof of trust in the retail market from Bucharest and especially in Colosseum park, which is becoming an increasingly important commercial destination. The number of visitors and the sales of the tenants are increasing. For example, in this month alone (April), the traffic of visitors has increased by 15% compared to last year. Considering these factors and the new lease contract we signed with JYSK, we are thinking of developing the retail park with another 15,000 square meters in order to diversify the shopping offer for our clients”, shows in a press release Nova Imobiliare. The real estate company JLL, the lease agent of this project, brokered the deal with JYSK. According to JLL representatives, at this moment take place advanced negotiations to fill in the single large unit left available, of 2,200 square meters, and they also negotiate the pre-lease of the next stage of the retail project. “The very good sales f the current tenants and the growing number of visitors, with high conversion rate, have raised the interest of other retailers who traditionally operate on large surfaces in retail parks and who plan to gain a significant presence in the north-west of Bucharest”, declared Carmen Ravon, head of retail department of JLL. Colosseum Retail Park was inaugurated in 2011 and offers 37,500 square meters of commercial spaces, in the north-west of Bucharest. The main tenants of the center are Carrefour, Leroy Merlin and Altex. In Romania, JYSK coordinates 14 stores and plans to reach at 100 units on medium term. The group joined the Romanian market in 2007 through franchises, and in March last year it became the owner of the units from Romania and Bulgaria, and the management for the two countries was reunited in a single headquarters in Bucharest.