Local real estate developer Millstone Developments will build a residential project with 200 apartments located near Petrom City, in Northern Bucharest and an office building near the Otopeni Airport. The market value of the two projects is estimated at some EUR 34 million.
Impact Developer & Contractor has closed a contract with Devbon SRL on December 16 to build in Bucharest six properties worth EUR 5.24 million, according to a release of the company to Bucharest Stock Exchange (BVB) where the company is listed.
Real estate developer British Romanian Investment Partnership (BRIP) will complete its residential complex New Residence Bucharest, built in the capital’s District 5, in the spring of 2017.
The government’s announcement that it will kick start next year works on a new subway line that will connect Gara de Nord with the Otopeni international airport (subway line 6) could result into the creation of a new office pole in Bucharest either in the Expozitiei or Baneasa areas, according to real estate consultancy Colliers International.
Austrian real estate company Immofinanz has seen its rental income increase by 2.9 percent in the first half of the abbreviated 2016 financial year, totaling EUR 22.9 million, according to company data. This represents a 14.9 percent share of the group’s total rental income, according to company data.
Romania’s economy went up by 3.9 percent of GDP in 2015, over the previous estimations, that indicated an increase of 3.8 percent due to a strong increase in the consumption, stimulated by the TVA reduction to food, according to new semi-defined data published by the National Institute of Statistics (INS). Although it increased the growth rate, INS made a downward revision on the GDP value, taking into account that the deflator has strongly decreased.
Globalworth, a real estate investment company focused on unique property investment opportunities in South Eastern Europe and Central and Eastern Europe, primarily in Romania, obtained the BREEAM Excellent certification for “Gara Herastrau”, its 12,100 sq.m. office project launched this year in Bucharest, Romania. For the green certification process, Globalworth appointed an association formed of consultancy companies Colliers International and BuildGreen Romania.
Real estate consulting company Colliers Internațional will provide property management services for office project Stefan cel Mare Building, developed by Forte Partners in a central area of Bucharest. With this new project, the portfolio currently managed by Colliers International team exceeded 250,000 sqm, up by 30 percent in 2016.
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