The biggest project to be completed soon is Promenada Mall, part of Floreasca City complex, including the office buildings Sky Tower and Floreasca Office Building. The mall, which construction started in February 2012, involves an investment of EUR 150 million, with EUR 100 million loans from Raiffeisen Bank. The mall near Pipera passage will directly compete with Băneasa Shopping City and the aim of the landlords is to attract the biggest number of the zone clients. Among the 120 stores on four floors there are Billa, Flanco, Intersport, Inditex, C&A and H&M.
The first office complex with a system of geothermal heating pumps, with 38,000 sqm office space, is already over 60% built. Portland Trust will invest in the project across the road from Promenada Mall approx. EUR 70 million, with EUR 54.8 million BCR financing. The main tenant of the building will be the business software producer Oracle, which has signed for an entire building of the complex.
The Czech from S Group have started in August 2012 the works for the office complex Green Gate, situated in the neighbourhood of the Marriott hotel, involving an investment of EUR 55 million. The project includes a series of green technologies, such as rain water recycling, sound proof façade rejecting the heat, energy efficient elevators and vertical gardens. Bog‘Art, the project constructor, has completed last month the structure of the first underground level and the first floor above the ground. By now 40% of the building is rented, with Teamnet International the main tenant, on 8,300 sqm from the 30,000 sqm total rentable area.
Most of the investors included in the top by Capital took advantage of the crises in order to purchase cheaper plots in zones with maximum potential. This situation also applies to Sweden’s Skanska, which bought last year in October 1.5 ha plot of land in the vicinity of Floreasca City, Nusco Tower and the company has already completed the construction of the underground level of the first two office buildings to be delivered at the end of next year.
The only local investors in top are Căşuneanu brothers and the company Proiect Bucureşti. The sons of Costel Căşuneanu, Costel and Ionuţ Căşuneanu, together with Belgian investor Yves Weerts, have already prepared the construction site for developing an office tower with approx. 100 m height in the vicinity of Unirii Sq. The 21 floors building will be developed on a plot of 2,500 sqm, where used to be a playground. The land is a private property and was conceded to the City Hall by the owner.
At only 2 km distance, near Romana Sq., Proiect Bucuresti is already working for the foundation of Center Square, a complex with three office buildings with an area of 24,000 sqm.
Both Romanian projects totalize EUR 80 million investments.
Apart the projects started from scratch during the crises there are some which were started during the market pick, but the construction works only began in the last years. The Belgians from Atenor Group have bought a part of the plot of the former factory Electronica, in the vicinity of the metro station Pipera, before the crises struck. The complex developed will bring on the market in the first phase approx. 18,000 sqm office.
AFI Europe also bought in the period of economic effervescence the plot of the former factory UMEB in Cotroceni for a record price of EUR 78 million. The advantage of the Israelis is that they already developed one of the most profitable malls in the country, AFI Palace Cotroceni, which insured the launching platform for the office complex AFI Business Park, five office buildings in the mall’s vicinity. After the completion of the first building during last year, which is now over 85% leased, this year they started the construction works for the second building.
The presence of a residential complex in the top of the biggest construction sites is a surprise, as this sector had been most highly impacted by the crises. City Point is the only residential project with over 150 units being in construction in Bucharest, The Israeli companies Red Sea Group and Shikun&Binui have bought the 12.5 ha plot in Aviatiei area in 2007 for EUR 50 million, money that now could develop high standard office buildings. After more than five years of stand-by, the two investors decided to start, in April this year, the construction of 180 units from the 3,500 planned.
Germany’s Kaufland, which has dethroned last year Metro group as the biggest food retailers, has started the works for their fifth hypermarket in Bucharest on a part of the plot of the former Electroaparataj factory. On the other part of the plot is scheduled the construction of the Mega Mall, with Carrefour as food anchor. Apart from the unit in Pantelimon, Kaufland also works for two new stores in Militari and Berceni and is planning the extension of its Bucharest network to 10 units by 2015.
The number of the active construction sited in Bucharest is still low compared to the developments that took place before the crises, but it is a sign that the investors still trust the Romanian market. (source: capital.ro)
