BUCHAREST REAL ESTATE CLUB

IMPACT Developer & Contractor issued a maximum of 125,000,000 shares in August 2022. The raised capital will support the company’s development strategy, which includes current projects with a gross development value of 1.3 billion EUR. 

IMPACT is the first real estate developer listed on the Bucharest Stock Exchange and has the stock symbol „IMP”. This operation is the second share capital increase through private placement in 2022. The action comes after a successful first action finalized earlier this year and was intermediated by Swiss Capital as licensed broker. 

“Despite the challenges generated by the economical global context, IMPACT has proven that it has the ability to adapt and continue to implement its mid-term growth development strategy. We are continuing our expansion both in Bucharest, where we are accelerating the development of Greenfield Baneasa, and nationally, with ongoing projects in Constanta and Iasi. In the coming months we will focus to launch the project in Iasi, the biggest masterplan project in Moldova, as Iasi is one of the fastest growing cities in the country with strong presence of various companies and with an increasing demand for residential.“, says Constantin Sebeșanu, CEO of IMPACT Developer & Contractor. 

Greenfield Baneasa is IMPACT’s flagship project with an estimated total value of more than 800 mln EUR. The project will include more than 6,000 apartments situated on over 600,000 sqm of land in the northern part of the Capital. At the moment, at Greenfield Baneasa, work is underway to complete the last 435 apartments part of Phase 4, which totals 1,167 BREEAM Excellent certified apartments. Greenfield Baneasa has one more phase and will be finalized in 2028.

IMPACT will also start working this year at Greenfield Copou, in Iasi, as well as Boreal Plus project in Constanta. Greenfield Copou aims to be the largest sustainable residential project in Moldova. In Constanta IMPACT will develop a mixed project of villas and apartment blocks. 

In its more than 25 years of uninterrupted listing on the BVB, IMPACT has attracted financing of 128.5 mln EUR for the development of its projects, through a series of financial instruments, including investment loans and the issuance of new shares and bonds.

IMPACT has 31 years of experience on the market and is the first real estate developer listed on the Bucharest Stock Exchange. The shares of IMPACT are listed on the premium category of the Bucharest Stock Exchange. The company has a market capitalization of 1,119,649,277.87 lei (aprox. 231 mln EUR). 

IMPACT uses the best practices of corporate governance, transparency, accountability and communication with investors, obtaining the 10th rating at the VEKTOR valuation made by the Association for Investor Relations on the Romanian Stock Exchange. The mission of IMPACT is to develop communities through sustainable projects, at BREEAM Excellent quality standards, nZEB certified, both in Bucharest and in the major cities of the country. 

Romanian industrial and logistic developer, Element Industrial, and Slovakian sustainable energy solutions provider, TESLA Group, have signed at the end of August 2022 a long-term partnership in which TESLA will produce and operate photovoltaic energy on the rooftops of the ELI Parks projects.

The first project that will be fitted with photovoltaic panels will be ELI Park 4. The new 20,000 sqm building will be delivered in Bucharest during the second quarter of 2023. 

“This partnership reflects our strategy to develop a sustainable portfolio that will allow our tenants to cover at least 30% of their consumptions from green energy with a direct positive impact on the total occupancy cost” Andrei Jerca, Managing Director of Element Industrial, said. He added: “It is also an important commitment from our side towards green, sustainable logistics that will generate long term value for both our investors and occupiers. Our strategy is built on focusing on our clients’ needs in terms of business predictability, lower occupancy cost, support of their growth strategy and developing true business communities in our industrial parks. Having all these in mind, our partnership with TESLA Group became natural as both companies are sharing the same business principles and approaches.”

“Through this partnership with Element Industrial, we are focusing on solar energy conceptual innovation for long-term sustainability, which is our key mission,” says Dušan Lichardus, Chairman of the Board at TESLA Group. He added: “We brought engineering teams of our both companies together, to optimize the construction of buildings for easy photovoltaic rooftop installation before their physical construction. This reduces the costs and time to construct a local power plant, bringing higher safety to the buildings and operational efficiency to the photovoltaic panels. The innovative design of this local rooftop mounted photovoltaic power plants combines unique features of SolarEdge inverter technology, with energy management system TESLA AMOS (Advanced Microgrid Optimization System), to deliver operational control on individual panel level, which brings higher production, lower OPEX, longer technological life and highest industrial safety standards to the asset owners.”

Element Industrial is one of the most dynamic players in the logistics sector, developing a series of projects under the ELI Parks brand. Element Industrial is currently developing a class A logistics park in the Bucharest North-West area, adjacent to the future A0 highway. The company will have by the end of 2022 a 100,000 sqm delivered portfolio in the area. The company also aims to have around 200,000 sqm delivered throughout the country by 2023, with new projects in Ploiesti, Bacau and Braila. 

Element Industrial also offers an integrated package of built-to-suit services for production and storage facilities, starting from the identification of land suitable for such developments, authorization, design, and delivery according to the specific requirements for each project.

Element Industrial is a joint venture between Element Group, founded by Ionut Dumitrescu, and D Craig Real Estate, the real estate division of the investment fund D Craig Holding, controlled by Sacha Dragic. The CEO of D Craig Real Estate is Anca Damour.

The mission of TESLA Group is to bring people sustainable energy through new energy concepts. TESLA Group supports the development of renewable energy sources, contributes to the decentralization of energy, and helps people become less dependent on centralized energy, distribution, and transmission systems. Through its work TESLA Group aims at global zero emission and sustainability actions to help industries reach carbon neutrality targets.

Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate, recruits Ștefan Oană, former Country Manager of Bluehouse, as Head of Capital Markets. 

Ștefan Oană, the new Head of Capital Markets, has a Real Estate management experience of over 20 years, of which for 13 years he was Country Manager at Bluehouse, a private equity real estate investment and asset management firm. 

Through his position, Ștefan Oană contributed to attracting financing, partnerships, developing and selling important projects such as Expo Business Park, Victoria Center and Olympia Tower office projects or selling to Impact the land on which they developed the Luxuria project. In his most recent deal as business advisor, he assisted residential developer Alesonor to secure a 21 million euros debt financing for Amber Forest project. 

“Ștefan Oană joins Fortim Trusted Advisors to strengthen the team of managers, in partnership with our international alliance group, BNP Paribas Real Estate, which annually provides assistance for real estate investments totaling tens of billions of euros. According to our strategy to provide as many services as possible to strategic partners, from the beginning of the year until now, our team has grown with three experienced consultants on the advisory market, for the retail and office segments, and we intend to continue the recruitments”, says Costin Nistor, Managing Director of Fortim Trusted Advisors, alliance member of the BNP Paribas Real Estate.

Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate in Romania, is a real estate consulting company founded in 2002 and controlled since December 2020 by Costin Nistor, Bogdan Cange and Nicolae Ciobanu. The company provides real estate consulting services in the office, retail, industrial & logistics segments, evaluations, capital markets, research, but also Property Management and Project Management services. On the Property Management area, the company manages over 136,798 sqm of office, retail and industrial spaces. Among the most important recurring clients of Fortim Trusted Advisors are found Morgan Stanley, Add Value Management, Indotek, Kesz and First Property Asset Management. Also, on the office segment, the company handled the trading of premises for Reckit Benkiser, Renault, Fortech, Grohe, Credius, OLX Group, Multinode Network, AHI Carrier, AVL, UMT Software, Future Electronics, The Home or Bioderma. 

Iulius Group inaugurated Family Market Miroslava, its first local retail project, launched in response to the needs of expanding communities in the metropolitan area of Iasi. Family Market was realized in partnership with Miroslava City Hall. Miroslava is one of the most expanding residential areas in Iasi County, which, in recent years, has also registered an accelerated economic development.

Family Market Miroslava represents the largest retail development in the commune, built following an investment of 12 million Euro. Family Market Miroslava has a leasable area of approximately 7,000 sqm and offers a varied mix of services, most belonging to national and local entrepreneurs and producers, such as: supermarket, grocery, butcher, pastry & pizzeria, restaurant, confectionery, pharmacy, fashion and products for house, bookstore, hairdresser, dry cleaner, pet shop, coffee shop, etc.

“Miroslava commune has developed strongly in recent years, due to local administration and investments in the area, creating a strong community that needs basic services near the house. The mix of shops and facilities, inaugurated today, has been customized to simplify the life of the residents and to offer them more quality time with their loved ones, reducing the time spent on roads to the city. At the same time, Family Market is a platform for supporting and promoting local entrepreneurs and producers, the majority in the project, who will offer quality local products “, said Radu Pârlea, Family Market Manager.

For the first time in Iasi, the first store of the Sinsay brand, part of the LPP group from Poland, was inaugurated in Family Market Miroslava, a new store concept, on an area of ​​1,000 sq m, which offers clothing and accessories for women, children, and men, as well as household items and beauty products.

Polish discounter retailer Pepco is also present with a store. The offer is completed by: Meat Concept Store butchers, Kosarom and Vascar, La Sibieni and La Bottega groceries, La Ciambella pizzeria and pastry shop, Blanca confectionery, Teo’s Cafe, Dolciano coffee shop, Saria florist, Mado, Agroland (petshop and garden products), Praxis medical analysis office, Autopit car parts store, Papiro stationery store, Lisnic Hair Studio, Omniclean ecological dry cleaning, Cătina ceiling, Inmedio, CEC Bank, Cobyul store, but also Let’s Play, a space with games for children.

On the 1^st floor, Family Market Miroslava includes a facility requested by the local community: the “Verdi” event hall of the Congress Hall brand. With a refined interior design and equipped with the latest equipment, the Verdi Hall can host private parties with up to 220 guests, as well as corporate events for up to 300 people.

14^th of July, 2022 

UNTOLD, one of the largest music festivals in the world, and Globalworth, the CEE office market leader, signed a long-term strategic partnership. One of the partnership’s components concerns the motivation and well-being of all the employees of the businesses accommodated in the Globalworth buildings. UNTOLD will bring the festival vibe to these locations, giving a taste of the magic and atmosphere of the most anticipated musical event in Europe. 

The first party will take place on the 28^th of June, when Globalworth and UNTOLD will bring to the Globalworth Tower lobby two DJs from the festival’s line-up. 

“After a break of two years when we could no longer organize any events for the Globalworth community, the largest business community in Romania, we are delighted to celebrate our return to the office through this partnership. Moreover, we are looking forward for UNTOLD to move to our home and become part of the community. We are confident that we will have fun together and we welcome you on the 28^th of June at the first party in the series of surprises that we are preparing for the Globalworth tenants and friends of UNTOLD”, added Georgiana Oltenescu, Group Head, Marketing & Communication at Globalworth.

DJ Kristian Nairn, who also played Hodor in GoT, and Spike, one of the most popular Romanian artists, will give a hint of the UNTOLD magic. Moreover, starting on the 15^th of July, the show made by DJ Kristian Nairn aka Hodor on the Globalworth Tower will also be available on the UNTOLD and Globalworth channels. 

The UNTOLD team is also moving, in 2023, to the Globalworth community, to one of the Green Court buildings. The area leased by the organizers of the UNTOLD festival has 630 sqm, and the move is part of a broader partnership between the two companies. 

Globalworth is a real estate company operating in the Central and Eastern Europe, listed on the London Stock Exchange’s AIM segment, active in Romania and Poland, becoming the main investor in the office real estate market in both countries. Globalworth acquires, develops and directly manages high-quality office and industrial and logistic parks, in premium locations, generating rental income from high-quality tenants from around the globe. In Romania, Globalworth is present in Bucharest, Timisoara, Arad, Oradea, Constanta and Pitesti.  

22.06.2022 

THETA Furniture & More, one of the most significant Romanian integrators of interior design solutions, officially opened the doors of the new custom-made furniture production factory, in Păulești, Prahova County. The investment in the production plant is about 4 million euros.

The current factory replaces the original one, which until the beginning of last year was in Blejoi, Prahova. The construction of the new factory started in May 2021 and was completed at the beginning of 2022. The land on which the unit is located in Păulești covers an area of ​​20,000 sq m and the production factory, the related storage spaces and its own car park totals an area of ​​5000 sq m.

“The opening of the new factory will support us to achieve our goals for the coming years: doubling our production capacity and to reach revenues of 25 million euros by 2025. The production plant was from the beginning our main investment; the initial role of the company was the one of a custom-made furniture producer, and in the last seven years we became an integrator with complete interior design solutions.” says Florin Gheorghe, CEO and co-founder of THETA Furniture & More.

Since its launch in 2008, THETA has worked with over 1,500 clients, both Romanian and international companies from segments such as office buildings, commercial, HoReCa and medical. Thus, the company has arranged over 350,000 sqm of interior space for customers with spaces located in buildings such as AFI Park, Ana Tower Building, The Mark Building, Green Court Building (B and C), Oregon Park, Enayati Medical City, Hotel Sinaia (restaurant area), Hotel Mamaia, Sky Club and others.

At this moment, the export segment represents 20% of the business and the company has delivered custom-made furniture for companies from countries such as Belgium, France, Hungary, the Netherlands, Switzerland.

For this year, the company’s management estimates a turnover of 14 million euros compared to 10 million euros in 2021. Also, the management of THETA Furniture & More expects that by the end of the current year, the number of customers and projects delivered will increase by 20% compared to 2021.

14.06.2022

Rising costs for construction materials over the past year, massive delays in project implementation due to Covid-19 restrictions and the Russian-Ukrainian conflict, galloping inflation and permitting freeze represent some of the main elements conducting to increase of prices for residential units in Bucharest, according to an analysis of DIRECTIMO.

The poor quality of life conditions in old apartment buildings, amplified in recent times (installations that have not been replaced, lack of hot water, lack of parking, etc.), will lead to high demand in the quality housing segment, given that the Bucharest-Ilfov region remains in the top 10 development areas in Europe in terms of GDP.

For more than a year, widespread inflation has already been reflected in the cost of building materials, which account for a significant percentage of their prices. Massive delays throughout the supply chain, initially caused by Covid-19 restrictions and more recently by the Russian-Ukrainian conflict, also lead to cost increases. Higher interest rates on loans that developers use to finance themselves, coupled with delays caused by the Romanian state, increase the time it takes to close a project. Galloping inflation, expected to reach 20% in 2022, will generate high demand from investors for protection in quality properties.

“We are entering a period of high inflation where the value of money will be heavily eroded. Real estate remains both a primary savings method and a safe option for investors looking for secure, income-generating assets. With instability in the financial markets and based on historical analysis for the context of a period of stagflation in the US, for example, many investors choose real estate investing for safety versus the major fluctuations that can occur in the stock markets. Even if bank interest rates will rise and lending may be difficult, investing in real estate thus remains a safe option”, stated Matei Maloș, CEO Directimo.

The permit freeze, initiated by the City Hall starting February 2021, will lead to an acute shortage of supply during 2023-2024. Moreover, due to this situation, the price of land with permits has increased significantly, with an estimated average of 50%.
Compared to the market level in the region, Bucharest today has prices 10% lower than Belgrade (according to the Global Property Guide, the average price is $1,813/sqm in Bucharest versus $1,961/sqm in Belgrade).

At the same time, unlike in Vienna, luxury properties in prime areas are about 65% lower in Bucharest (approx. 5,000 – 7,000 euro/sqm) than in the Austrian capital (20,000 euro/sqm).
Compared to the US market, where prices have risen by 50% from their peak in 2007, prices in Romania are in some cases lower than their peak in the same period. While in Bucharest, incomes have more than tripled and household deposits have increased fivefold, according to the National Bank of Romania.

Directimo represents the only database with verified properties and updated information, without aggregated postings or false data. A hybrid model that brings buyers directly to developers through a friendly platform, real data and dedicated buyer advisory. The platform includes all new dwellings in the central and northern areas of Bucharest, in the upper segments of the market (medium, medium-upper, premium and luxury), and aims to cover other areas both nationally and internationally.

Read more Foster+Partners, MVRDV, UNStudio & Zaha Hadid Architects designing for the 1st time in Iași, Romania

Four world acclaimed architecture firms are participating in the specialty competition with guests launched by IULIUS in Iași for the purpose of building an architectural landmark for the city. The solutions will be proposed by Foster+Partners, MVRDV, UNStudio and Zaha Hadid Architects. These architecture firms signed some landmark buildings across the globe and are working for the first time on a specialty competition in Romania. Their most ambitious architectural projects include the Apple Park corporate headquarters in California, the Markthal Rotterdam mixed-use building, the Four Frankfurt mixed-use complex and the National Museum of 21^st Century Arts in Rome.

IULIUS wishes to invest in developing a landmark complex in the Sf. Andrei–Palace of Culture Square area of Iași City, a complex designed to observe the architectural values of the city, while also adopting a contemporary approach. This challenge was accepted by architecture firms Foster+Partners, MVRDV, UNStudio and Zaha Hadid Architects. They are major international players in the architecture industry, who have designed residential and office buildings, museums, stadiums, mixed-use developments and projects that significantly boost the image of a city or country.

The competition theme was developed by also drawing on how Iași residents see the future development of the city, as evidenced by a study conducted by IULIUS in November 2021. Most residents said they want a sustainable evolution for the city they live in, taking into consideration the heritage and residents of the city. A green, digital city of the people – this is the residents’ vision for the future of Iași City. To this end, IULIUS invited some of the most important international architecture firms to propose solutions that connect the architectural heritage of Iași City and the legacy the company wishes to leave for the city.

The international architecture competition with guests is now in the phase where the four architecture firms are working on the solutions for the new iconic building. The architects of the four competing firms have visited the project site in Iași and are designing in accordance with the competition design theme. The new edifice will thus continue the series of historically and architecturally relevant monumental works in the center of the city, in a contemporary vision that observes the historical heritage and topographical particularities of the site; it will integrate and showcase the recently discovered archeological remains on the site, providing a sustainable contemporary solution that anticipates and generates the necessary transformation of the public spaces nearby.

This endeavor is coordinated by a team of specialists including historian Cătălin Turliuc and architects Șerban Țigănaș, Augustin Ioan, Dragoș Ciolacu, Mihai Corneliu Drișcu and Matei Bogoescu.

The international architects that designed famous urban attractions such as The Gherkin in London, the Tianjin Binhain library in China, the Mercedes-Benz Museum in Stuttgart and the National Museum of 21^st Century Arts in Rome, are now designing for Iași

Foster+Partners – “Let us leave this world a better place than when we found it”

The Foster+Partners architecture firm is known for its modern buildings featuring simple, yet sophisticated designs, as well as state-of-the-art technologies. With offices in 14 metropolises and 380 completed projects, the Foster + Partners architects wish to “leave this world a better place than when they found it”. “Iași is a city with special people and an important cultural and historical heritage. We want the opportunity to breathe new life in to Iași and create a vibrant new destination that complements the heritage of the city and reflects the ambitions of its residents. As Romanians, we feel it is our moral responsibility to get involved and give something meaningful back to the country, and the prospect of contributing to the future of Iași is very motivating,” said Romanian architects Maximilian and Daniel Zielinski, Senior Partners at Foster.

The Foster and Partners portfolio includes major edifices, such as the Apple Park headquarters in California, the European headquarters of the Bloomberg news agency in London, the famous office building on 30 St Mary Axe (The Gherkin) in London, the Great Court at the British Museum of London, the transformation of the German Parliament (Reichstag) building.

MVRDV – “We visited Iași City and fell in love with its rich history”

The MVRDV architecture firm has projects in 47 countries and provide solutions for contemporary architectural and urban planning problems from its 4 offices in Rotterdam, Shanghai, Paris, New York and Berlin. The architects always propose surprising and daring projects, which have become landmarks in their respective cities. “We have never built in Romania and we were wondering whether our first project here should be in the capital, but then we visited Iași and we fell in love with its rich history, monumental buildings, hills, churches, and the Palace of Culture, and we especially liked the potential of the site. All this made us feel honored that IULIUS offered us the chance to participate in this competition,” said Gideon Maasland, MVRDV Director and Architect.

Of the +600 projects in its portfolio, the most famous include the Markthal in Rotterdam (a mixed-use building that also includes a market often deemed ‘one of the most beautiful in the world’), the Tianjin Binhain library in Tianjin (China), the Seoullo Skygarden in Seoul, the Depot ‘art deposit’ in Rotterdam, and the Valley mixed-use building in Amsterdam.

UNStudio – “The new architecture is in line with the historical architecture and adds to the urban future of Iași City”

The architects at UNStudio, operating in their Amsterdam, Frankfurt, Shanghai, Hong Kong, Dubai and Melbourne based offices, are also recognized for their avant-garde design and iconic buildings. Their 140 projects completed to date are spaces designed for the future, where people live and work in healthy environments, a concept they also wish to implement in Iași. “The city center is culturally very interesting and historically very complex. Monuments from different historical periods are located in close proximity to each other, which is rare but creates a culturally and visually rich environment. This is a city with a bright and vibrant future, and UNStudio can provide it with a new architecture that will align with the historic one and add to the urban future of the city,” says Arjan Dingsté, Director and Senior Architect at UNStudio.

The Mercedes-Benz Museum in Stuttgart, the Four Frankfurt mixed-use complex, the Arnhem Central Station, Doha Metro, the Erasmus Bridge in Rotterdam are only a few examples of famous buildings designed by UNStudio.

Zaha Hadid Architects – “Marrying Iași’s rich heritage with the city’s unwavering optimism for the future”

With more than 120 projects on 6 continents, offices in London, Beijing and Hong Kong, Zaha Hadid Architects is internationally recognized for dynamic works that showed the world a new future that had been impossible to imagine before and impossible to ignore from then on. Maurizio Meossi is Associate Director at Zaha Hadid Architects and finds the project in Iași challenging and fascinating. “Iași’s long history as a seat of learning and its international reputation for cultural innovation inspires an architecture that engages with the city and creates vibrant new spaces for its community in a design defined by concepts of connectivity, inclusivity and sustainability. Marrying Iași’s rich heritage with the city’s unwavering optimism for the future, we are honoured to be invited by IULIUS to work in such a fantastic city,” says Maurizio Meossi.

The spectacular buildings designed over the years by Zaha Hadid Architects include museums such as Maxxi: National Museum of XXI Century Arts, Rome, offices such as Galaxy Soho in Beijing, stadiums such as the Forest Green Rovers Eco Stadium in Stroud, UK (pending development), residential buildings such as 520 West 28^th Street, New York, the Morpheus Hotel & Resort at City of Dreams in Macau.

The international architecture firms will present their solutions to the jury at the end of June.

Find out more at www.iasipentruviitor.ro.

Read more AFI & BREC present the newly refurbished AFI Lakeview office building, a EUR 2 million investment

Following a year’s worth of upgrading the office projects within the portfolio of approximately 300,000 sqm GLA in Romania, AFI Europe Romania is now announcing the completion of the refurbishment of all public areas within its AFI Lakeview office building, as an investment of approximately EUR 2 million.

The introduction of the newly updated facilities to the tenants and real estate market was celebrated during an exclusive event which took place on Thursday, May 19th, in the redesigned building. AFI Lakeview, which is conveniently located in the Center-North area of the Bucharest, easily reached from the city center, as well as from the Otopeni airport, was opened to a select audience during an exciting cocktail.  AFI Lakeview offers modern A Class office spaces of 25,500 sqm GLA, with a complex architecture and 2 levels of the building: Gf + 14 and GF + 7, having approximately 1,500-2,400 sqm GLA per floor, 4 levels of underground parking and storage spaces that meet all the needs of tenants.

Similarly, to other office buildings from AFI Europe Romania’s portfolio, AFI Lakeview holds the BREEAM “Excellent” green certificate, a clear recognition that attests the fact that it is a sustainable project, and also WELL Health & Safety certification for being a sanitary safe working environment.

AFI Europe Romania, in partnership with BUCHAREST REAL ESTATE CLUB (BREC), presented the updated office building in the context of a major new shift on the work market. Thus, following companies readjusting to a post-COVID-19 context, more and more organizations are returning to the office and the demand for safety, modern and green facilities of the building are now more important than ever.

“AFI Europe aims to uphold the highest standards when it comes to the office buildings in its portfolio, thus offering its tenants, visitors, customers and partners the safest and healthiest spaces within all its projects, including AFI Lakeview. As the trends on the market seem to indicate, more and more employees are returning to the office. Not only that we installed in 2021 a professional air purification system through bipolar ionization against viruses, we also decided to further enhance the environment in the building, by modernizing the lobby design, as well as fully refurbishment the corridors, elevators and bathrooms. Our tenants are the most important for us and by performing this refurbishment, we are striving to welcome all those who step over the threshold of AFI Lakeview in a safe, clean, and modern space that fosters, creativity, collaboration, and productivity”, said Emma Toma, Head of Office Division AFI Europe Romania.

“In the context of shifts on the Romanian real estate market and especially regarding office buildings, we are happy to see that AFI Europe Romania – one of our strategic partners – is quickly adapting to the new, higher standards that people are now setting for their work environments. The newly refurbished AFI Lakeview building is the perfect space for companies that prioritize the safety of their employees and an all-around excellent choice for a wellbeing-centric office space”, according to Despina Ponomarenco, President of Bucharest Real Estate Club (BREC).

Read more New investment by IULIUS in Cluj-Napoca: +0.5 Bn. € for the largest urban regeneration project in Romania

With more than a decade’s worth of expertise in developing and operating mixed-use urban regeneration compounds in Romania, IULIUS Group is launching a new project in Cluj-Napoca. The investment upwards of half a billion Euro focuses on the Carbochim platform, set to become the largest urban reconversion project on the Romanian market. This urban development endeavor will transform the industrial area into a vibrant space in Cluj and will be integrated as part of the city. The Carbochim factory will be relocated this year and upgraded, without any periods of business interruption.

The new project includes:

• the largest retail area in the country (115,000 sqm); a center dedicated to performing arts
• conservation of two industrial heritage buildings and reintroduction thereof into the public circuit
• a model of integrated approach to green spaces, connecting the urban garden spanning on 4-plus hectares with the adjacent parks and a complete reconfiguration of the road and pedestrian infrastructure
• a new bridge and a pedestrian walkway over Someș River
• an eco-neighborhood integrated in a mixed-use project
• bicycle and pedestrian infrastructure along the Someș River waterfront
• consolidating a new business hub
• the largest underground parking lot in the country, with 6,000-plus parking spaces.

After 15 years of presence in Cluj-Napoca, IULIUS is launching the largest urban reconversion project in the country. Using a massive investment, estimated upwards of half a billion euro, the Carbochim industrial platform will be converted into a destination of the city, a unique meeting place for the community. As far as magnitude of investment, urban development impact, and diversity of the uses integrated therein go, this will be the most prominent project in Transylvania, after the Cluj-Napoca metro line project.

Carbochim is the largest manufacturer of professional abrasives in Romania. The industrial platform spans on approximately 14 hectares, with less than 30% of the area currently utilized for manufacturing purposes, while the rest is either underused or residual. The factory will be relocated this year in the industrial area of the city, in the former industrial facilities of Tricotaje Someșul on Muncii Boulevard. More than € 5 million will be invested in relocating, modernizing and upgrading the production unit, without interruptions to its activity.

“We want to give to the city a piece of itself by transforming the Carbochim platform into a space for the entire community. The urban reconversion investment will be a large-scale one, in line with the general urban development strategy of Cluj. This project is designed for the present, but also for the generations to come. It expresses our vision of gratitude for the past by continuing the industrial activity, while also creating the future via a sustainable and resilient project,” said Iulian Dascălu, President of IULIUS Company.

Spaces for music, arts and entertainment

The new development proposes an exemplary implementation of international best practices for integrating cultural-industrial heritage in a real estate investment: two monumental buildings on the Carbochim platform will be converted and given back to the community as cultural and experiential spaces.

This marks the first time in Romania when a mixed-use project integrates an independent space dedicated to performing arts, as partnership with the cultural sector. The old Carbochim facility will be converted into a live-arts center and will be managed by some of the most prominent cultural organizations and festivals in Cluj-Napoca, providing the community with a venue for concerts, theater and contemporary dance performances, as well as fashion, design and media arts events.

In addition to the live-arts center, the urban reconversion project includes an amphitheater and spaces for outdoor events, a theater and cinema hall, numerous coffee shops featuring international themes and concept-restaurants.

The second building to undergo conversion is the factory administration building, set to be transformed into a space that reunites both coworking facilities and pilot-spaces for promoting entrepreneurs, encouraging local talents and innovative initiatives.

Gardens, new promenade areas and an outdoor sports center

The entire project will open towards Someș River and will be coordinated with the waterfront fit-out masterplan of the Municipality, integrating naturally in the new green & blue axis of the city. A bicycle and pedestrian route will connect three parks in Cluj-Napoca: Armătura Park, Feroviarilor Park and the new garden upwards of 4 hectares fitted in the mixed-use complex. The new development will have a panoramic view of one of the largest integrated green area in the city (more than 12 hectares).

The investment also includes the redevelopment of the Someș River waterfront on the segment between Armătura Park and Porțelanului Bridge. The waterfront will be converted into a leisure area, with outdoor sports facilities and leisure options, being connected to the project via pedestrian walkways.

The entire area will benefit from a systemic approach to fitting-out green areas, being a model of good practices in aligning a real-estate development to the public investment strategy, as well as to the need for outdoor experience, interconnection and escape.

A green neighborhood in the greenest area of the city

The residential component of the project will be designed based on a straightforward principle: the prospects of a place where you want to live. A new generation of residential units, currently in the design phase, will overlook Someș River and the integrated park and garden areas.
The residential units will be designed in line with quality of life and sustainability principles, with generous floor areas above current market standards, glazed façades, ample individual terraces, shifting the focus from space saving to flexibility, and combining indoor-outdoor activities. Their future residents will spend less time in traffic and will enjoy more comfort owing to the accessibility to services, facilities, social and entertainment uses, and closeness to nature, all integrated within the same development.

The largest retail area in Romania. Focus on relevance and experience

New high-end brands, anchors that cater to families, the most diverse food & beverage mix in the country, a fresh market supporting local entrepreneurs and producers, and entertainment concepts marking national premieres will transform the largest retail area in Romania with a leasable area upwards of 115,000 sqm into a regional leisure destination, both indoor and outdoor, for people of all ages.
In a first phase, the development will include 23,000-plus sqm of smart green office spaces, that will help consolidate the local presence of certain multinational companies, in an area set to become one of the strongest business hubs of the city in the coming years.

Sustainable urban reconversion, a new bridge over Someș River

The investment entails the urban restructuring of the entire area, both by remodeling the Someș River natural axis, and by rethinking the infrastructure of the area, in order to enhance connectivity with the neighboring areas and the rest of the city. The most important feature is creating a new bridge over Someș River, north of the railroad, an investment that will complete the transit ring between Porțelanului Bridge and Răsăritului Bridge. Concurrently, this endeavor also entails creating new roundabouts, widening streets and creating new pedestrian access points providing connections to the city, all integrated with the public investment projects planned for this area.

The development is pedestrian-centric, implementing “walkable city” principles and providing facilities to encourage public transit. It will also feature the largest underground parking facility in Romania, with more than 6,000 parking spaces, as well as 3,500-plus bike parking spaces and electric vehicle charging stations.

The investment will be made in partnership with Atterbury Europe. The project is undergoing the analysis, consulting and authorization phase, with construction works expected to begin in early 2023. This is a project open to the people as early as the current phase, inviting the community to present their views on the industrial platform reconversion online at www.partedincluj.ro.

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Key data:

• Total investment – € 500-plus million
• Project area – approximately 14 hectares
• Two industrial heritage buildings preserved and converted into cultural venues and spaces supporting local initiatives
• Performing arts center, a program-venue for local creatives to express themselves
• Its own urban garden spanning on 4 hectares, uniting the parks in the vicinity into the largest integrated green area in the city
• Fitting-out the Someș River waterfront as a leisure area with sports and promenade facilities
• The largest retail area in Romania – 115,000 sqm
• High end brands, anchors catering to families, the most diverse food & beverage mix in the country, fresh market, local services and products, entertainment concepts marking nationwide premieres
• A new generation of residential units, currently in the design phase, overlooking Someș River and the parks
• 23,000 sqm (first phase) – smart green offices
• The largest underground parking lot in Romania – 6,000-plus parking spaces
• 3,500-plus bike parking spaces and electric vehicle charging stations
• A new bridge over Someș River, pedestrian walkways, new roundabouts, widened streets, as well as connectivity, mobility and alternative transportation facilities

Read more: Alina Conu, Kapital HR: Flexible thinking is this year`s must