Shaping a New Era of Development in Southeast Europe

Member News: Alukonigstahl reports 21.5 mil. EUR turnover last year

Member News: Alukonigstahl reports 21.5 mil. EUR turnover last year 400 315 BUCHAREST REAL ESTATE CLUB

Alukonigstahl Romania, the local subsidiary of the European market leader in aluminium, PVC and steel systems registered 21.5 million euros turnover between January – December 2020 and it further targets business consolidation on the traditional office and commercial segments, as well as business expansion on the premium residential segment, given that the pandemic outbreak highlighted Romanians` need to live in better conditions.

Alukonigstahl is exclusive dealer in Romania for Schüco (world lider in aluminium and PVC systems) and Jansen (steel profiles supplier), and more than 85% of the company turnover in 2020 was represented by the sale of premium  Schüco aluminium profiles. In 2020, Alukonigstahl delivered Schüco aluminium systems for more than 75.000 sqm of curtain wall for new real estate developments and in 2020 it has already secured a number of 20.000 sqm. A series of well-known office projects signed with Alukonigstahl for joinery or curtain walls (such as  U Center, Offices Jiului, Isho Timisoara, Millo Office, Dacia One, Sediul Continental din Timișoara, Skanska Equilibrum 2, AFI Tech Inox 2), as well as a number of premium residential projects (Win Residences / PSC Group or Nusco City, Neo Timpuri Noi, Neo Mamaia).

“Through our projects and partnerships, we have been pioneering this segment in Romania and up to present we developed several large “Schüco neighbourhoods”. Alukonigstahl targets a business acceleration this year, considering the numerous investments we made in business streamlining and adaptation to the new market context. We aim to consolidate our existing portfolios through digitalization and by streamlining our supply chain, as well as to expand on new segments, such as the residential sector, which has a high growth potential in Romania,”  Attila Beer, Country Manager Alukonigstahl Romania and Moldova states. 

The industrial metals prices registered a significant increase in the last months, at London Metal Exchange. For example, the price of copper, largely considered as an economic indicator is higher than in the last 9 years and it almost doubled in the last 12 months. As compared to Spring 2020, the price of aluminium increased by about 50% and the price of rolled steel strips increased by more than 75%.  

Alukonigstahl has recently implemented a series of processes of digitalization and reorganized its supply chain and owned warehouse in Jilava. In 2020, the company launched its own digital platform – AKS Connect, where clients can place orders and follow their deliveries online, in real time. In H2 2021, Alukonigstahl will continue its digitalization process, by launching a new platform. 

Technology, hi-tech and energy efficiency solutions integration in windows and doors systems of new real estate projects is a major trend registered in the last 3 years. „The window is not just a window anymore, it does not only provide pleasant aesthetics and fresh air. Through our partners Schüco și Jansen, who invested substantially in technology in the recent years, we can now add a decentralized ventilation system, which brings fresh (warmed and filtered) air into the room, without the need to actually open the window – which can bring noise, dust or allergens in the interior,” says Attila Beer. 

Other major trends are the windows, balcony doors and sliding doors systems used mostly in the residential compounds (projects such as Cloud 9 Residence, Luxuria Residence, Sea One, Nordis Mamaia, Tomis City, Wings Residence) or the Schüco PVC joinery, which gained ground in the last year  (projects as Buenavista International or Win Herastrau). 

New niche solutions have also been developed, with the advancement of historical buildings restoration trend. Dragomira monastery and Domnita Balasa church are such examples, where old joinery was replaced with modern, isolated Jansen steel windows. 



40 new BREEAM certifications in the last year in Romania

A total of 40 real estate projects obtained the BREEAM certification in the period between January 2020 – April 2021, according to data provided by BRE Group (the UK organization that provides sustainability BREEAM certifications) to BUCHAREST REAL ESTATE CLUB (BREC). 16 of the newly certified projects are office buildings and business parks and 15 are logistic parks or retailers` logistics centers.   

The residential segments account for fewer BREEAM certifications in the analyzed period (5 residential projects, mostly outside of Bucharest). A single retail project obtained the BREEAM (Excellent) certification – IKEA Pallady Store and a single hotel obtained the BREEAM Excellent standard in this period (Radisson BLU hotel in Timisoara).

“Over the past three years we have seen tremendous growth for BREEAM in Romania; the ambition of real estate clients in Bucharest, in particular, has driven greater uptake and a desire for more credible sustainability performance for assets. This is a trend we expect to continue and congratulate organizations like BREC in their leadership and commitment to BREEAM,” states Dr. Shamir Ghumra, Head of Building Performance Services – BRE Group for BUCHAREST REAL ESTATE CLUB.

BREEAM provides several sustainability standard classes (Pass, Good, Very Good, Excellent, Outstanding) according to criteria such as energy efficiency, space health, reducing the carbon footprint in construction or demolition processes and protection of biodiversity, innovation, reducing the water consumption, sustainable recycling solutions, transport & alternative mobility.

Globalworth CampusThe Light One building (recently sold by River Development to Uniqa), a portfolio of buildings in the logistics developer CTP portfolio in Bucharest, Sibiu and Pitesti or Lidl and Emag logistics facilities are several of the significant investments that obtained the BREEAM certification in this period.

The recently introduced European NZEB (Net Zero Energy Building) standard requires all new constructions or buildings undergoing major rehabilitations to have a nearly zero energy consumption level.

Buildings under NZEB standard will have a high energy performance, with at least 30% of the total energy consumption necessary ensured through the building`s own renewable sources or at a distance of maximum 30 km from the building. 

BREEAM (Building Research Establishment Environmental Assessment Method) is a voluntary green building sustainability rating system established in the UK for assessing the environmental performance of buildings. BREEAM does this through third party certification of the assessment of an asset’s environmental, social and economic sustainability performance, using standards developed by BRE. This means BREEAM rated developments are more sustainable environments that enhance the well-being of the people who live and work in them, help protect natural resources and make for more attractive property investments.

In Romania, buildings are certified either under the BREEAM (UK) standard or the LEED (USA) standard  and more recently introduced WELL standard (focused on occupiers` health and wellbeing). 

”Considering the European NZEB standard, the active competition on the local real estate market and the need for differentiation, as well as the solid sustainability principles of large corporations (the main clients of the real estate industry), we expect developers to converge to a green future in terms of buildings` sustainability,” states Despina Ponomarenco, President of BUCHAREST REAL ESTATE CLUB.

In the pandemic context, the interest in buildings sustainability and health has been significantly growing. If several years ago the office buildings were the main beneficiaries of sustainability certifications, we can now see numerous logistics projects which have been already certified or are undergoing a certification phase, BREC representative ads.

Member News: Globalworth expands its industrial activity in Arad and Oradea

Member News: Globalworth expands its industrial activity in Arad and Oradea 900 600 BUCHAREST REAL ESTATE CLUB

Globalworth Industrial, Globalworth’s logistics and industrial sub-brand, is expanding its portfolio by purchasing 2 industrial projects with a total area of 27k sqm. The value of the IPW Arad (Industrial Park West Arad) and IPW Oradea (Industrial Park West Oradea) transactions amounts to almost 18 million EUR, ensuring the presence of the largest office investor in Central & Eastern Europe in another 2 new major cities in Western Romania.

  • The two acquired projects, IPW Arad (Industrial Park West Arad) and IPW Oradea (Industrial Park West Oradea), have a total area of ​​27k square meters and an occupancy rate of 100%
  • Following these transactions, Globalworth is now present in 6 major cities in Romania: Arad, Bucharest, Constanta, Oradea, Pitesti and Timisoara
  • Globalworth Industrial’s portfolio currently spreads over an area of 260.400 sqm.

With a total leasable area of ​​20.1k square meters, IPW Arad (Industrial Park West Arad) consists of two phases: the first phase, delivered in 2012, comprises production, warehouse, office and technical areas, and the second phase, completed in November 2020, aimed to develop the park with two more levels dedicated to production and office areas. The park benefits from a strategic location and excellent connectivity in terms of infrastructure. Located 4.8 km from the A1 motorway, 10.8 km from the Arad International Airport and only 6.7 km from the city center, IPW Arad benefits from roads, parking lots and all the necessary infrastructure. All these features attracted a strong partner: Huf Romania, the Romanian subsidiary of the global automotive supplier Huf Group, the leading specialist for secure car access and authorization.

A first phase of 6,9k square meters of the IPW Oradea (Industrial Park West Oradea) was completed and delivered in the second half of 2020, with the possibility of expanding to up to 9,9k square meters. The park’s tenant is iwis, the world leader in innovative, cost-effective timing drive systems based on precision chains. Located on the European Road E60, 4 km away from the border with Hungary, the industrial park will soon benefit from an intermodal terminal currently under construction.

“The industrial and logistics market has grown strongly in the last five years, and the year 2020 brought the increased activity in areas such as production and e-commerce. Being already present in the western part of the country with Timisoara Industrial Park, we became aware of the strategic potential offered by that area. Combining all these factors, we decided to acquire the two industrial projects from our partner, Global Vision, with whom we have been working closely for the industrial field. The 100% occupancy rate of our new assets confirms the investment’s high commercial potential. The addition of the two well-known German corporations in the automotive industry, iwis and Huf Romania, to our portfolio motivates us to continue the Globalworth Industrial activity at the highest standards”, said Mihai Zaharia, Head of Investments Romania and Group Capital Markets Director at Globalworth.

With the acquisition of the two projects, Globalworth Industrial reaches a total portfolio of 260.400 sqm. The occupancy rate of the Globalworth Industrial sub-brand is currently 95%. IPW Arad and IPW Oradea consolidate the company’s logistics and industrial activities, expanding the areas where it already operates with last-mile projects such as Pitesti Industrial Park, Chitila Logistics Hub, Constanta Business Park and Timisoara Industrial Park.

Globalworth is a listed real estate company active in Central and Eastern Europe, quoted on the AIM-segment of the London Stock Exchange. It has become the pre-eminent office investor in the CEE real estate market through its market-leading positions both in Romania and in Poland. Globalworth invests, acquires, develops, and directly manages high-quality office real estate assets and industrial and logistics parks in prime locations, generating rental income from high-quality tenants from around the globe. Managed by over 200 professionals across Cyprus, Guernsey, Romania and Poland, Globalworth has a combined portfolio value of €3.0 billion, as at 31 December 2020. Approximately 92.5% of the portfolio is in income-producing assets, predominately in the office sector and leased to a diversified array of c.650 national and multinational corporates. In Romania, Globalworth is present in Bucharest, Timisoara, Oradea, Arad, Constanta, and Pitesti, while in Poland its assets span over Warsaw, Wroclaw, Lodz, Krakow, Gdansk and Katowice.


Member News: Peikko Group recruits 50 new professionals in Sales & Engineering

Member News: Peikko Group recruits 50 new professionals in Sales & Engineering 900 600 BUCHAREST REAL ESTATE CLUB

Peikko will recruit 50 new talents for sales and engineering positions during Q2-Q3 of 2021, the Group recently announced. The new positions will be located in a total of 23 countries: Australia, Belgium, China, Czech Republic, Denmark, Estonia, Finland, France, Germany, Italy, Korea, Latvia, Malaysia, the Netherlands, Poland, Romania, Russia, Singapore, Slovakia, Spain, Switzerland, Turkey, and the United Kingdom.

Peikko is looking for local talents to provide its customers an even better and quicker service, according to the company official announcement. Applicants will need to speak the local language and know the local construction culture. New employees will be involved in front-line customer work, either in direct sales or in technical customer support. All positions are permanent.

“We believe that the construction market will grow after COVID-19, and we at Peikko have a unique offering to meet the needs of our new and existing customers. Peikko’s revenue has grown every single year in the past 11 years, and we want to accelerate this growth during 2021-2022. We can offer for candidates motivating and interesting career opportunities in a global construction materials company also providing solutions for circular economy and products that help our customers to reduce their CO2 emissions”, states Topi Paananen, CEO of Peikko Group Corporation.

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Peikko Group Corporation is a leading global supplier of slim floor structures, wind energy applications and connection technology for precast and cast-in-situ construction. A family-owned and managed company that employs about 1,900 professionals, Peikko has sales offices in over 30 countries in Asia-Pacific, Europe, Africa, the Middle East, and North America, with manufacturing operations in twelve countries. Peikko generated a turnover of EUR 239 million in 2020 and is headquartered in Lahti, Finland.  


Member News: GTC extends 9.000 sqm lease deal with Rompetrol at City Gate for 5 years

Member News: GTC extends 9.000 sqm lease deal with Rompetrol at City Gate for 5 years 1067 600 BUCHAREST REAL ESTATE CLUB

GTC has renewed its lease agreement with KMG Rompetrol – the management and support services division of the KMG International Group – one of the key players in the fuel sector in Southeast Europe for another 5 years. KMG Rompetrol will continue to occupy 9.356 sqm of its HQ in City Gate, a A-class office building located in Bucharest.

This is the first transaction completed under the guidance of Ziv Gigi, recently appointed Managing Director of GTC’s operations in Romania, and CEE Estate, an asset management company.

“We always appreciate the trust our business partners have in the excellency of services offered in our properties. KMG Rompetrol is a company that develops dynamically in Romania and beyond, paying close attention to ensuring the best working conditions for their employees. We are happy that such a reputable company stays loyal to the quality of our services, especially during the turbulent times of the pandemic,” says Ziv Gigi, Managing Director for GTC’s operations in Romania.

KMG Rompetrol, part of an international oil company with operations in Romania, Moldova, Bulgaria, Georgia and the upstream area, has decided to prolong its lease for 9,356 sqm of office space in the Northern tower of the City Gate complex until December 2026. City Gate is located in one of Bucharest’s established business districts and consists of two buildings offering almost 48.000 sqm of high-quality office space in total.


Member News: THETA Furniture & More targets to acquire new companies & 25 mil. EUR business

Member News: THETA Furniture & More targets to acquire new companies & 25 mil. EUR business 899 600 BUCHAREST REAL ESTATE CLUB

The company aims to achieve 11% market share and 25 mil EUR turnover by 2024  

THETA Furniture & More, one of the largest local integrators of interior design & fit-out solutions, announces its intentions to increase market share up to 11% and the turnover up to 25 mil EURO by 2024.

The year 2021 had a promising start for the company, with signed contracts worth over 4 million EURO in January – March, representing a double value compared to the same period in 2020. “We intend to close the year with a turnover of approximately 12 mil. EURO “, estimates Florin Gheorghe, Co-founder & CEO of THETA Furniture & More.

“2020 has been a challenging year for us, as well as for the entire industry, from all points of view, especially since the unpredictability factor had a great impact on many areas of activity we are working with, as it is the case of the office sector. We focused quickly on solutions therefore the sale transaction, in the middle of 2020, of 50% of the company to the Black Sea Fund, has been a wise decision and the start of a solid partnership, which works well for both parties,“ the representative of THETA Furniture & More completes. THETA sold, in July 2020, 50% of the company to one of the largest local investment funds, which thus became the company’s shareholder.

THETA Furniture & More is the only local integrator of interior design & fit-out solutions that holds its own production factory, near Bucharest. With an initial area of ​​700 sqm, the factory currently has a capacity of  5.000 square meters, and the company intends to expand it in the near future. THETA Furniture & More factory works with modern materials, innovative accessories and uses state-of-the-art technologies in creating custom furniture, smart ceilings, practical floors, lighting fixtures and more. The company collaborates with important architects in the field and has exclusive partnerships with renowned materials manufacturers and standard furniture products.

“Our plans are to develop the company vertically and horizontally, more precisely we will continue the development of our current business and we will also acquire other companies in fields related to ours,” declares Florin Gheorghe, Co-founder & CEO of THETA Furniture & More.

The company also plans to invest in team development, even in the current pandemic context. THETA Furniture & More team is formed by more than 100 employees and collaborators and by the end of 2021 the company intends to recruit at least 12 new employees.

About THETA Furniture & More

THETA is a local general interior contractor, with more than 12 years of experience in the production of custom-made furniture with its own production factory, and in the last 6 years, as an integrator and project manager in various industries.

The competencies of the team of professionals consist in managing complex projects from the initial design phase to implementation and delivery: interior design & fit-out, architecture and MEP design, consulting services, standard and custom furniture implementation services.

The specialized expertise is reflected in delivering of office spaces, commercial and industrial spaces, medical, hotels, for more than 1,500 local and international companies. Up until now, THETA holds in its portfolio over 300.000 sqm of interior space: 890 office spaces, 505 commercial spaces, 115 HoReCa spaces.  


Claudiu Bisnel, Brisk Group: Delivering PM services from Bucharest to London and Chisinau

Claudiu Bisnel, Brisk Group: Delivering PM services from Bucharest to London and Chisinau 749 600 BUCHAREST REAL ESTATE CLUB

“In a field where the present fights the past, Brisk Group chose a completely different side. It chose the future! I really think that excellence is not an act, but a habit. This is how ideas at Brisk Group come to life, because we love to build unique projects and manage successful partnerships,” says Claudiu Bisnel, Partner and Founder Brisk Group, a Project, Cost & Construction Management Services company, for BUCHAREST REAL ESTATE CLUB.  

Brisk Group was founded in 2016 and it is today one of the most successful construction consultancy firms in Romania offering Project, Cost and Construction Management services, with a portfolio covering over 100 projects and more than 600.000 sqm of managed & coordinated constructions. Among the projects in the portfolio, Brisk numbers a series of well – known developments such as Central District 4 Elemente, Luxuria Domenii Residence, Central District Viitorului 134 , Greenfield Residence or APP Town Residence in Bucharest, as well as over 20 projects from retail sector delivered both in Romania and Republic of Moldova or the Heathrow Airport, the Hinkley Point Nuclear Power Station or Carmistin Farms.

Brisk Group consists of a team of over 60 specialists, offering integrated solutions capable of guaranteeing the quality of each process as well as that of the entire project and has offices in Bucharest, London and Chisinau.

“We strive to develop and deliver projects in an innovative and sustainable way. We always look to the future and aim to be one step ahead through implementation and innovation. We work on projects which combine digital technology and environmental protection, and this is why our projects support such design, as we nurture and implement them where desired,” also says Brisk Group representative.


Member News: River Development Sells The Light One Office Building to UNIQA Real Estate

Member News: River Development Sells The Light One Office Building to UNIQA Real Estate 1200 600 BUCHAREST REAL ESTATE CLUB

River Development, the developer of the 2 integrated and multi-functional projects – Sema Parc and The Light, signed the transaction for the sale of The Light One building to the investor UNIQA Real Estate GmbH. The Light One has a total leasable area (GLA) of 21.653 sqm.

“The Light One is a development landmark for office buildings in Bucharest and we are proud of what we have achieved. Closing this transaction today is a success for us, especially since it took place in a time marked by challenges. Selling The Light One office building will allow us to further develop the other projects we have in various stages of development in Sema Parc and The Light,” says Ion Radulea, founder and CEO of River Development, the developer. 

The Light One is a Class A office building, located in Bucharest on 6Q Iuliu Maniu Boulevard. It has a built area of 32.500 sqm and a structure of 2 underground floors, 10 floors and a technical floor. The building is a green building, and is certified with the BREEAM Excellent rating. Among the tenant companies based in The Light One: Regina Maria, with the largest pediatric center in the country and Kinetic, which provides physical therapy and medical recovery services for children and adults, Banca Transilvania, Comdata, Vego Holding, ON Semiconductor, Manpower Group, Sweat Concept.

The Light One is the first built of the whole The Light ensemble, which will include, at the end of the project, three distinct office buildings – The Light One, The Light Two and The Light Three, to which is added the residential segment The Light Home and related facilities.

“The Light is an outstanding development with further development phases to come. Being able to secure The Light One for UNIQA and our customers in a quite challenging market environment makes us confident to also reach our further goals in Bucharest and the CEE region” –Thomas Erdmann, GM of UNIQA Real Estate GmbH.


Member News: One United Properties to list at Bucharest Stock Exchange

Member News: One United Properties to list at Bucharest Stock Exchange 900 600 BUCHAREST REAL ESTATE CLUB

One United Properties, one of the leading developers of residential, mixed-use, and office real estate in Bucharest, announces its intention to become listed on the Main Market of the Bucharest Stock Exchange, approved in the Extraordinary General Meeting of Shareholders which took place on April 19th.

One United Properties was founded by Victor Căpitanu and Andrei Diaconescu, who currently own 75% of the company’s shares and are the only executive members of the board of directors, while the rest of the other five members are non-executive. The two founders will continue to lead the company after its listing at the Bucharest Stock Exchange.

“Since the very first projects developed under the brand One, we have set out to continuously innovate in the construction of energy-efficient and sustainable buildings and we have focused our efforts on redefining the concept of urban living to Western standards. Our plans to grow the company continue through the contemplated listing on the stock exchange, which will bring our company to the next level along with our long-term strategy, diversify the options available for accessing capital for our innovative real estate projects, allow a new category of investors to join us, and increase liquidity for the company’s shareholders”, says Victor Căpitanu, co-founder of One United Properties.

The two founders have invested in real estate since 2000 and developed the first residential building in 2006. Starting with 2013 they have expanded real estate projects under the brand One, turning it into the leader of the high-end residential market in Romania, with multiple awards for architecture, design, development and sustainability.


MEMBER NEWS: IMMOFINANZ signs 25-year rental contract for 11,000 sqm in Bucharest

MEMBER NEWS: IMMOFINANZ signs 25-year rental contract for 11,000 sqm in Bucharest 1200 600 BUCHAREST REAL ESTATE CLUB

IMMOFINANZ has concluded a long-term rental contract for roughly 11,000 sqm with the Provita Group, one of the leading medical center providers in Romania. Provita will occupy the entire space in the Iride eighteen, a recently modernized building in the Iride Park, where it plans to open a multi-disciplinary hospital. The rental contract covers a term of 25 years.

“Our Iride Park, one of the largest office hubs in Bucharest, has already gained an excellent reputation with a wide variety of services for tenants and neighborhood residents. The partnership with Provita will expand the current offering to also include a high-quality medical hub, which will increase the location’s attractiveness over the long-term “, explained Dietmar Reindl, COO of IMMOFINANZ. 

The new hospital will have a capacity of 110 beds and seven operating rooms. The opening is expected to take place in the first quarter of 2022 after the necessary adaptations have been completed. The Iride Park, which is located in the north of Bucharest on Dimitrie Pompeiu Boulevard, is only eight kilometers from Otopeni International Airport. It is easy to reach with public transportation and offers extensive parking, restaurants, shops and health clubs.

IMMOFINANZ has been invested in Romania for more than 17 years. The Romanian property portfolio had a carrying amount of EUR 757.3 million as of 30 September 2020, which represents 15.3% of the total portfolio. The 13 standing investments have roughly 334,000 sqm of rentable space, and the occupancy rate equals 93.6%. The largest properties include the two office buildings in Bucharest, the myhive S Park and myhive Metroffice, as well as the VIVO! Cluj and VIVO! Constanta shopping centers.