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Office Market News

Papalekas drives German Deutsche Bank out of UpGround project

Businessman Ioannis Papa­le­kas, one of the most discrete players in the local real estate market, bought back early this year the office buildings BOB and BOC in Northern Bucharest from RREEF, the real estate division of the German group Deutsche Bank, with EUR 42.6 billion assets in its portfolio.

Final decision: Carrefour exits insolvency

Retail chain Carrefour is out of insolvency after the Appeal Court rejected GSL Logistics’s claims. The diaper distributor demanded Carrefour pay a debt of EUR 180,000.

Immofinanz rented 5,400 sq. m office spaces in Bucharest

Immofinanz Group, one of the most important real estate investors on the local market, attracted in the recent months tenants for nearly 5,400 sq. m in the office projects Iride Business Park, Victoria Park and S-Park.

WB: 2.5-3 pc economic growth for Romania in 2014, even higher

The macroeconomic situation will continue to consolidate in the context of the program with IMF and EU, Elisabetta Capannelli, Country Manager for Romania at WB.

Papalekas took EUR 144 million from London for local market investments

Businessman Ioannis Papalekas, one of the most active investor in the local real estate market in the last years, attracted EUR 144 million on London Stock, funds to be used for investments, including for buying the office building UniCredit HQ in Bucharest.

Genpact expand lease in office project IRIDE in Pipera

The outsourcing company Genpact increased its leased area with 3,200 sq. m in Iride Business Park in Pipera, a property in Austria’s Immofinanz Group portfolio, where the company could set offices for at least 300 employees, according to ZF estimations.

QFort invests EUR 25 mln in a residential project in Craiova

Stefan Cherciu will invest EUR 25 million in a residential complex with 235 apartments about to be built in central Craiova. Stefan Cherciu owns Casa Nostra, manufacturer of Q-Fort thermal insulation systems.

Government approves support scheme for job creators

The Government’s plan to partially cover salaries in firms that generate a minimum of 20 jobs was approved on Wednesday. The government financial support will be provided for two years.

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