The economic crisis has radically changed the Romanian real estate market, and from the best performing economic segment, this industry became one of the black sheep of the national economy. The crisis deeply affected also the new homes, and along the market blockage, the development activity was not too rich either. The new residential ensembles are Read more
The South-African investments fund NEPI is carrying in Romania investments worth 460 million euro, in new projects or expansions of existing projects, and the overall GLA at the end of the projects is estimated at over 250,000 square meters. After completing all ongoing projects, NEPI should reach at a portfolio of assets with an overall surface of 660,000 square meters, considering that the fund already owns in Romania projects with an overall surface of about 380,000 square meters, valued at 656 million euro. Most of the ongoing projects are retail spaces, in Bucharest and in the province, and most of them should be completed in 2014 – 2015, according to a presentation of the fund. In this year, NEPI plans to complete In Q3 the project Vulcan Value Center in Rahova neighborhood of Bucharest, of 25,200 square meters. The project Read more
Dinu Patriciu businessman has sold a Berlin office ensemble to the German investments company Real IS Investment. The Romanian businessman bought the building in 2006 – 2007. The project, known under the name Mosse-Zentrum, is located in the central area of Berlin and was bought from RE Mosse Zentrum Srl, a subsidiary owned by the real estate investments vehicle Dinu Patriciu Global Properties, according to the representatives of Real IS Investment. Patriciu bought the project as two separate entities, one in 2006 from an investor, and the second one in 2007, from a real estate developer. The ensemble has a lease surface of 38,000 square meters. In the last few years, RE Mosse Zentrum has extended the lease contracts with its main tenants and signed new long-term lease contracts with new tenants. Among the tenants are the facility management company Dussmann Service Deutschland, Kursana Residenzen GmbH, Thales and Visual Meta.
Garanti Bank has granted a loan of 4 million euro to FF Group Romania Company (former Elmec Romania), to raise a building in the middle of Bucharest, an investment of some 5 million euro which will include a _kix multi-brand store of 1,200 square meters. “Garanti Bank signed a financing agreement with FF Group Romania for the investment in rehabilitation of a historical building in one of the most important areas from downtown Bucharest, on Ion Campineanu Street. The real estate project will consist in Read more
The mobile phone carrier Orange Romania, with annual businesses of almost one billion euro and some 3,000 employees in Romania, has rented 13,700 square meters of offices in the office building Green Court, developed by the Swedish group Skanska in the north of Bucharest, across the street from Promenada mall and the future headquarter of the rivals from Vodafone. Orange leased 8 of the 12 floors of the building with an overall surface of 19,500 square meters, which has reached at a lease degree of 90% after this transaction. While “waiting” for the future anchor-tenant, Skanska Read more
An industrial park built in 2011 by Cefin Group in Arad City was offered for sale through direct negotiation by the Official Receiver of the developer who declared insolvency last year for debts of 114 million lei (26 million euro), mostly to Volksbank bank. The Official Receiver, BDO Business Restructuring Company, wants to sell the 8 modules of the industrial park, with an overall surface of 44,400 square meters plus 2,600 square meters of office spaces, and an unfinished building with three stores plus a Read more
The office rents might register some favorable changes for owners and bad for tenants, especially those who are still searching for office spaces. The companies from this segment are expecting an increase of the rents on the Romanian market, which will be felt in the near future, considering that the demand is exceeding the offer of office spaces. “Partially because of the strong pre-lease activity on the office segment, the tenants trust index is at the highest level registered compared to the same period of 2011, while the demand for office spaces remains positive and significantly larger compared to the expected growth in the overall office spaces available in the near future. The gap between the two has Read more
The new shareholders of GTC Romania say that they plan to build new real estate projects but also to buy some projects in early stages of development, and the office segment is the one targeted. “The real estate market from Romania is going through a positive period and there are numerous investment opportunities. The land plots have reached at a better price, and the demand from companies for modern office spaces or for commercial spaces has returned to attractive levels. We are analyzing various development opportunities for the activity of GTC Romania, and we are interested in starting new projects and even buying other Read more
ANEVAR has elaborated the first set of valuation standards adapted to the real estate market from Romania, and they will be mandatory from July 1st 2014. The valuation standards are including the International Valuation Standards, are compliant with the European Valuation Standards (EVS) and include also other standards and additional methodological guides, issued by ANEVAR, according to the documents presented by the company. “It was necessary to adapt the new set of valuation standards to the legislation and to the specific of the market from Romania”, explained Adrian Vascu, president of ANEVAR. “For example, two of the new guides are about determining the taxable value of a building, respectively determining the long-term value of the properties in the case of issuing bonds guaranteed with receivables, and those were elaborated at the request of the financial regulations authorities – the Ministry of Finances and the National Bank of Romania”, declared Vascu. Read more
The methodology norms for the law regarding the sale of farming land plots were published in the Official Gazette of Romania on May 2nd 2014. The new law brings certain limitations for the buyers and establishes a certain procedure to follow to complete the transaction. The main stipulation of the law is the preemption right that certain categories of people have over a farming plot for sale: the co-owners, the neighboring owners, the Romanian State, through the State Assets Agency. According to the norm, the sellers registers at the mayoralty of the land plot, an application requesting the posting of the sale offer, but he no longer has to identify alone the list of preemptors.
The mayoralty must post for 30 days the sale offer at its headquarters and to transmit to the central structure form within the Ministry of Agriculture a file containing the list of preemptors, respectively copies of the posting application, of the sale offer and of the proving documents. The owner of the preemption right can manifest in writing his intention to buy, must communicate the acceptance of the seller’s offer and must register it at the headquarters of the mayoralty where the offer was posted, within 30 days. The mayoralty will have to post, within 24 hours after registration, the acceptance of the sale offer.