BUCHAREST REAL ESTATE CLUB

Shaping a New Era of Development in Southeast Europe

New, sophisticated products on Bucharest real estate market: first food hall & lofts apartments on former historic properties
New, sophisticated products on Bucharest real estate market: first food hall & lofts apartments on former historic properties 640 358 BUCHAREST REAL ESTATE CLUB

New sophisticated products on Bucharest real estate market: first food hall & lofts apartments on former historic properties

As Bucharest real estate market is rapidly expanding, investors start to develop new, sophisticated products to reach to a more and more demanding clientele. The initiative follows the European trend under which former industrial spaces are restored and re-converted into products appealing to today’s generations.

EUR 100 M mixed – use project for urban regeneration

One United Properties together with Auchan recently announced plans to invest 100 million EUR in a multifunctional development – One Floreasca City- at the junction of Floreasca and Mircea Eliade roads, downtown Bucharest. One Floreasca City involves three components, integrated in an open project: the former Ford factory will be restored and modernized, following to transform in a contemporary retail space, operated by Auchan Romania, a class A office building – One Tower- and three exclusive blocks of design apartments – One Mircea Eliade.

A new life for an abandoned building

The historic building dates back from 1935, when the American company Ford was manufacturing luxury cars in Bucharest. Under the new development, it will be carefully restored and transformed in a new product for the Romanian market: a food hall and a concept store, with different type of restaurants and services: cooking, gardening and bakery classes, events for kids and family. To respect the heritage of the property, the investor will use for the interior design vintage Ford models, some of them produced in the inter-war years at Bucharest.

Key trends in European food halls sector

The “food hall” concept first appeared in the US, as a mix of authentically prepared food and drink offers with a focus on collective dining and was rapidly adopted on different European markets. A recent Cushman& Wakefield “Food Halls of Europe” study estimated that approximately 100 food halls are either already open or are currently under construction in Europe’s major cities.

Cushman & Wakefield research suggests that the potential for growth is huge. At least 200 venues, totaling over 400,000 sq. m, are in the pipeline for delivery within the next decade. The study indicates some key trends for this sector:

  • Consumer interest in food is a long-term trend – it’s here to stay
  • Eating out is set to increase in many European countries
  • Demand will come from tourists, office workers and local residents
  • Diners are looking for unique experiences and plenty of choice
  • Food offers will need to change regularly to remain current
  • Top quality, ethically-sourced food with a clear provenance is non-negotiable
  • Food Halls are likely to become integrated into wider developments, including shopping centres, public realm improvements and transport hubs

HANNER TRANSFORMS FORMER GRIVITA BREWERY

Under the same trend, Lithuanian-based developer Hanner has started earlier this year works on a historic plot near Basarab overpass: the former Grivita brewery plant. The development will bring a new product on the Romanian residential market: 31 unique lofts to be built on the structure of one of the former historic buildings.

In the same development, the company will build a 6,000 sq. m co-work space, targeting Romanian entrepreneurs.

WHAT’S NEXT: Buildings with potential

Bucharest still has potential historic properties suitable for redevelopment and conversion into modern, urban, hip products.

One such place is Moara lui Assan (Assan Mill), a large property on 4.7-hectare plot, ideally placed in a central position, close to Obor metro station.

Moara lui Assan has a reach history: it was built in 1835 and was Romania’s first steam mill. The plant functioned for almost 100 years and constantly benefited from industrial upgrades due to the owner’s futuristic leadership.

In 1948, when the communist regime came in place, the factory was nationalized. After 1990, the factory came again in private property but suffered severe degradation and destruction.

Back to top

Marc Jongerius, Managing Director & Co-founder Zoku
Marc Jongerius, Managing Director & Co-founder Zoku 2490 3598 BUCHAREST REAL ESTATE CLUB

BREC Talks to Marc Jongerius

Managing Director & Co-founder Zoku

“Zoku is an entirely new product category: a home-office hybrid, suitable for long stays, with the services of a hotel and the social buzz of a thriving neighborhood.“

As new generations enter workforce market and start spending money, new, innovative real estate products are developed targeting them. Zoku Amsterdam was opened in 2016 and is a “combination between Airbnb and WeWork”, as Business Insider pointed out. The company is now developing in Europe, so BREC talked in an exclusive interview with Marc Jongerius, Managing Director & Co-founder Zoku about targeted cities and the expansion model.

What is the secret behind the success of Zoku?

The secret to our success lies in our ability to really understand the needs, wants and frustrations of our target audience. In developing Zoku, we did extensive research and found out that current offerings were often perceived as too traditional and not flexible enough for global nomads.
Where traditional hoteliers start with a floor plan, we see this as our end station. Instead, we started with a blank canvas to define how we can create more value for our guests compared to industry alternatives. We defined and tested all functional experiences that people would like to have to make their stay convenient, efficient and comfortable. After this we defined how we can increase the experience even further by offering tailor-made services, creating a social concept where people feel relaxed and well immediately, and designing a seamless integration of the on- and offline guest experience to really enrich people’s lives while living and working abroad.

Previously, none of this had been developed for the long stay segment.
Before going to the drawing board, we coined factors and ideas that would result in an attractive price point as well (leaving the frills out and creating space in less square feet). Most importantly, Zoku was a real crowd-sourcing project, where the entire concept was developed in close co-operation with our target audience, who extensively challenged us and tested all four prototypes and concept designs.
Designed in collaboration with Concrete, the award-winning interior design and architecture agency, Zoku is an entirely new product category: a home-office hybrid, suitable for long stays, with the services of a hotel and the social buzz of a thriving neighborhood. It’s a relaxed place to live, work and socialize with like-minded people while getting wired into the city.

What are your targeted cities for expansion? How do you see the potential for SEE Europe in general and Bucharest/Romania in particular?

Zoku aims to create an international community network of Zokus through an international rollout in cities that are innovative, tolerant and have a large international network.
In the next years, it is our ambition to open at least five new locations with around 750 units, focusing on European cities such as London, Berlin, Paris, Hamburg, Barcelona, Vienna Zurich or Copenhagen.
Zoku is always looking for interesting opportunities in areas that will be rapidly developing in the upcoming years. When we find an opportunity in a city that matches our pre-defined criteria, we will definitely always look into it.

What is the expansion model? Do you take financing for expanding the network or do you consider to franchise?

Zoku will keep the operation of its hotels within the company and can be realized in existing buildings as well as on new-built locations.

Zara embraces innovation and opens tech pop-up store in London
Zara embraces innovation and opens tech pop-up store in London 1326 568 BUCHAREST REAL ESTATE CLUB

Future of retail fashion: Zara embraces innovation

and opens tech pop-up store in London

The accelerating pace of innovation is changing the real estate industry and the latest move of fashion retailer, Zara, is just the proof. At the end of January, Zara launched a tech-enabled pop-up store in London, designed for click and collect purchases ahead of a new permanent flagship space.

The pop-up store which occupies 200 sq. m in Westfield Stratford City offers a small edit of men’s and women’s clothing that shoppers can purchase online while there in person. This enables delivery same day if placed before 2pm, or the next day if placed in the afternoon. The clients can also access the full catalogue of the collections to choose from online.

Staff is available to assist with mobile devices and an easy payment system operated by Bluetooth is also aiming to facilitate a new experience. Mirrors in the pop-up store have embedded information screens to offer product recommendations – by scanning an item the system suggests other garments and accessories to coordinate and style with the one the client is trying, all by his or her size.

The pop-up will be open until May while the retailer’s flagship in the same location is refurbished.

The new space will occupy alsmot 4,500 sq. m and will have a similat focus on tehchology & innovation.

In the picture – the future Zara flagship store in Westfield Stratford City.

MIPIM 2018: The most sought-after real estate assets are industrial
MIPIM 2018: The most sought-after real estate assets are industrial 4256 2832 BUCHAREST REAL ESTATE CLUB

MIPIM 2018:  The most sought-after real estate assets are industrial

Tech got mainstream as industry eyed urban future during MIPIM 2018, the world’s leading international real estate business, conference and networking event.

CBRE – Industrial in the spotlight

The annual EMEA Investor Intentions Survey, released during MIPIM by CBRE, confirmed that for European investors the most sought-after real estate assets are industrial, notably logistics. CBRE noted that is the first time industrial has overtaken office investment and the interest in logistics clearly reflects the growth in e-commerce. The report also noted that 33% of investors intend to deploy more capital in 2018 than last year, with 70% of investors actively pursuing ‘alternative’ assets.

CITIES AS ECONOMIC DRIVERS

Representatives from some 60 of the world’s largest sovereign wealth, pension, institutional and insurance company investment funds come together for the annual Re-Invest Summit. Investors acknowledged that the increasing importance of cities as economic drivers, has led them to adopt a city-by-city investment strategy compared to a country or regional approach of previous years.

CUSHMAN: ASIAN INVESTORS INCREASE PRESENCE IN EUROPE

In its annual Global Investment Atlas 2018, Cushman & Wakefield noted that Asian investors were particularly active, increasing their investment in Europe by 96% year on year. Investment from Asia Pacific to Europe hit $39.5 billion in 2017 compared to $20.9 billion heading towards the Americas. The Asian delegation at MIPIM was drawn from 15 countries.

26,000 real estate, city and political leaders, including 5,400 investors, from over 100 countries came together at this year edition of MIPIM.

Back to top

Smart retail: specialty coffee shops format drive investors’ hype
Smart retail: specialty coffee shops format drive investors’ hype 960 539 BUCHAREST REAL ESTATE CLUB

Smart retail:  specialty coffee shops format drive investors’ hype

If three to four years ago, one could have counted just a few specialty coffee shops in Bucharest, today the market has increased significantly with around 40 locations in Bucharest in central street locations and new office buildings. According to Razvan Crișan, Co-founder of m60, the market is split between two major categories: the specialty ones, independently operated, and the big chains. “In shopping malls, for the moment, it is all about convenience: fast, big and accessible, while specialty coffee shops are more about experience, quality and niched products. Outside Romania there are niched shopping malls and maybe when those type of real estate developments will appear on the local market, we will also see there some concepts focused on experience and quality”, he explains.

m60 STORY

m60 started in 2015 and opened a new area for coffee shops in Bucharest, near Amzei market, on Mendeleev street. He remembers how he trusted his intuition, despite realtors’ advice: “When we chose the location we were discouraged by experts on the market, arguing the area was inappropriate. The lesson here was that sometimes you don’t listen to the expert’s opinion and trust your entrepreneurial instinct, especially when you are a start-up”. Today the coffee shop has an average of 250-300 daily clients and an annual turnover exceeding 2 million RON (400,000 EUR). The secret? Three criteria, as Crișan explains: “we focus on quality design, with an original approach, that suits the location, we offer very good quality products, trying as much as we can to buy from local producers and we invest in creating a motivated and involved team”. The business expanded in the last two years, with a seasonal location – Spațiul m60 – functioning during the summer, near George Enescu square and a restaurant, Kane, functioning in a modern office building near Stefan cel Mare metro station.

ORIGO: COFFEE SHOP & ROASTERY BUSINESS

Another successful story, Origo was opened in 2013 by local entrepreneurs Mihai Panfil and Bogdan Nicolae, close to the old city center, on Lipscani street, in a quiet area. The place is today a successful business and serves coffee during day time, while in the evening it transforms in a cocktail bar. Due to a very appreciated product, the coffee from Origo can be served in other locations such as French Revolution éclair shop in Piata Victoriei and Cooperativa FruFru – a restaurant with four units opened: in Universitate and Amzei market and in America House and Eurotower office buildings. The same coffee from Origo roastery can be found in Steam, a smaller coffee shop concept, with two units opened near Romana and Aviatorilor Sq.

BIGGER INVESTORS COME IN

As the specialty coffee gains ground and more and more clients are looking for this type of product and places to experience it, the business is in the attention of bigger investors that want to develop specialty coffee chains. The founders of Salad Box and Marty Restaurants announced last year investment plans of 500,000 EUR to develop Narcofee Roasters, with 15 locations in Bucharest and Cluj by the end of 2018. The company has opened three locations in Cluj and one in Bucharest, in AFI Cotroceni.

TED’S COFFEE – THE INTEGRATED EXPANSION STRATEGY

Ted’s Coffee, the specialty coffee chain owned by Romanian entrepreneur, Vasi Andreica, has adopted an integrated expansion strategy and today has 35 units in Bucharest, Sibiu and Ploieşti, planing to add Braşov to the list. The expansion strategy for this brand included: street locations, shopping centers, office buildings and “shop in shop” locations.

BREWTIFUL – THE “RETAIL IN RETAIL” FRANCHISE

Brewtiful Café is the first “retail in retail” franchise specialty coffee concept in Romania, developed by Ţiboc family, which also owns IT retailer QuickMobile and luxury perfumery, SOLE. The espresso bar can function on a surface of 4-5 sq.m and is present in five QuickMobile and SOLE shops from Bucharest, Timişoara, Constanţa and Baia Mare and two Cărtureşti book stores from Bucharest. The owner has invested 350,000 EUR and in one year plans to reach 30 locations in all major cities from Romania.

In the context of a rapidly emerging Romanian real estate industry, with new office hubs opening as well as new retail formats, the local market of specialty coffee shops enters a new development phase.

Back to top

Răzvan Crișan – Co-founder of m60
Răzvan Crișan – Co-founder of m60 1417 1417 BUCHAREST REAL ESTATE CLUB

BREC Talks to Răzvan Crișan

Co-founder of m60

“There is potential for specialty coffee shops in niched shopping malls.“

A smart coffee shop concept is an “anchor” for a successful office building: a benefit for tenants and a landmark for the building, attracting new clientele in the place. With new office hubs and retail formats developing, we sat down with Răzvan Crișan, Co-founder of m60 and talked about the specialty coffee market development and opportunities.

The market has expanded significantly in the last two years especially in the downtown area. Do you see potential for such coffee shops in a mall, as an alternative for the offer of the big chains- Starbucks, Gloria Jeans etc?

The coffee shop market is to be divided in two major categories: the specialty ones, independently operated, and the big chains. In shopping malls, for the moment, it is all about convenience: fast, big and accessible, while specialty coffee shops are more about experience, quality and niched products.

It’s hard to imagine a specialty coffee shop in a mall, while they focus on fast, big and accessible. Outside Romania there are niched shopping malls and maybe when those type of real estate developments will appear on the local market, we will also see there some concepts focused on experience and quality.

What are your estimations regarding the annual value of the specialty coffee shops’ market?

Theoretically, there are around 40 places in Bucharest, called as ‘specialty coffee shops’, but I believe that only 10-15 are preoccupied to do a truly good job. And when I say a good job, I am referring to investments in equipment, working with good beans and most of all the investment in the staff to offer a nice experience for the clients. At M60 we decided to serve along specialty coffee, simple but delicious food. If you do your job honestly, with a coffee shop like m60 you can reach an annual turnover of over 2 million RON, like us, in the third year.

What were the key elements in the success of m60? How many daily customers does the coffee shop have?

We started in 2015 and we have succeeded to double our business. Regarding the clients’ daily average, we have increased significantly, at a level of 250-300 persons. We have three criteria which we try to implement every time we invest in a new location: we focus on quality design, with an original approach, that suits the location, we offer very good quality products, trying as much as we can to buy from local producers and we invest in creating a motivated and involved team. Interestingly, when we chose the location from Mendeleev street we were discouraged by real estate experts on the market, arguing the area was inappropriate. The lesson here was that sometimes you don’t listen to the expert’s opinion and trust your entrepreneurial instinct, especially when you are a start-up.

1 BLN EUR investments in large scale projects, in bucharest north metropolitan hub
1 BLN EUR investments in large scale projects, in bucharest north metropolitan hub 1280 960 BUCHAREST REAL ESTATE CLUB

1 BLN EUR Investments in large scale projects,

in Bucharest North Metropolitan hub

After it seemed that Barbu Vacarescu – Pipera area has reached its potential and developers focused on other locations in Bucharest, the district is now entering a new development phase, transforming in a North Metropolitan hub of Bucharest, according to an analysis by BUCHAREST REAL ESTATE CLUB.

See more: PROTV, Forbes, Digi24

INFOGRAPHIC DOWNLOAD

New estimated investments of more than EUR 1 BILLION in office, retail, residential & hotel schemes, together with a public hospital bring new opportunities on the Bucharest real estate market.

GLOBALWORTH

Globalworth has recently announced it has acquired for 16 million EUR two plots of lands from Italian Nusco family, neighboring its projects Globalworth Plaza & Green Court. It plans to build here two new state of the art office schemes featuring unconventional lobby, green roof and co-work spaces. The company is also building in the area Globalworth Campus, a premium 88,000 sq. m business park, comprising of three office towers, that is to be entirely finalized in 2018. One of the biggest companies worldwide, Amazon, leased here 13,500 sq. m for its new Bucharest center.

NEPI ROCKCASTLE

NEPI Rockcastle is expected to begin works at the expansion of Promenada Mall, a mixed project of 60,000 sq. m of retail and office spaces. According to a company public report, the new development has benefited of 33 million EUR investments up to the end of 2017, the total costs reaching 166 million EUR, with a targeted opening date for Q2 2020.

SKANSKA

Skanska has already begun construction at Equilibrum office project at the junction of Gara Herastrau & Dimitrie Pompeiu streets. The first building will comprise of 20,800 sq. m and has an estimated delivery time in Q2 2019. Upon completion, the entire two-building complex will offer 40,700 sq. m GLA. The Swedish-based real estate developer announced investments of 37 million EUR in the first phase of the project.

ONE UNITED

One United Properties, the developer known for its premium-residential projects, has formed a new office division and bought in this area North Gate, where Renault renewed its 20,000 sq. m lease. The market value of the building is 28 million EUR.

APEX ALLIANCE

The area is also attracting the attention of hotel investors. Lithuanian- based Apex Alliance which owns in Bucharest Europa Royale and Hilton Garden Inn is building on Dimitrie Pompeiu boulevard a new four-star hotel affiliated to Courtyard Marriott chain. The new hotel that is to be delivered on the market in 2019, will have 259 rooms, 119 parking units, a bar, a restaurant, meeting rooms and a much-awaited conference center (approx. 535 sqm) in a busy office area of Bucharest.

THE METROPOLITAN HOSPITAL

A public project, The Metropolitan Hospital to be built on the former public transportation base (RATB), was recently approved by the General Council of Bucharest Municipality. The new medical unit will have 1,500 beds and requires an investment of 300 million EUR.

THE RESIDENTIAL SECTOR

The residential sector is also improving its offer, with projects exceeding 5,000 apartments in the area. Local entrepreneur Petre Niculae has bought a 20,000-hectare plot neighboring the future Metropolitan Hospital, where it plans to build a 40,000 sq. m project, totaling around 600 apartments. Close by, Mohammad Murad is building Onix Park – a residential compound of 2,000 apartments. Recently, a new large-scale development was announced: Israeli-based Hagag is to start construction for a 90 million EUR project, totaling 1,350 apartments. One of the most experienced Romanian residential developer, Impact, is also interested in the area and is on the process to buy a 55,000 sq.m plot from Nusco family. Another large residential scheme under development here is Belvedere Residences with 1,500 apartments.

High profile institutional investors as well as local and international players have made significant acquisitions in the past 2 years in this area: Growthpoint and EBRD have entered the shareholding of Globalworth with a 26.9% and a respective 4% stake in 2017, Israeli billionaire Teddy Sagi has bought Swan Business Park for EUR 30 mln, while One United acquired North Gate, a building with a market estimated value EUR 28 mln. The area has the biggest density of AAA tenants in Bucharest, with examples including Huawei, Oracle, Orange, Raiffeisen Bank, Renault or Vodafone.

Back to top

Marian Popa – Director of DB Global Technology in Bucharest
Marian Popa – Director of DB Global Technology in Bucharest 560 480 BUCHAREST REAL ESTATE CLUB

BREC Talks to Marian Popa

Director of DB Global Technology in Bucharest

``Romanian Real Estate market starts to enter a pre-maturity phase and I sense the need of its transformation in a supplier for habitat services. I am referring here to complete relocation services: from temporary apartments offers, shared-car services, catering, conferences facilities, etc. The transformation of this industry from a < hard > predilect area to a < soft > one will determine a qualitative increase of used spaces, in the benefit of both parties.``

The technology center of Deutsche Bank is operational since 2014 in BOB office building from UpGround and employs 500 IT & C specialists . The center develops top software solutions for the banks’ global operations and represents a platform for highly skilled engineers. BUCHAREST REAL ESTATE CLUB exchanged views with Marian Popa, Director of DB Global Technology in Bucharest about the future of workspace and expectations related to the services on the local real estate market.

What is the impact of Real Estate in the attraction, retention and motivation of your employees?

The impact of a modern workspace can be interpreted in two ways: the first one, which is usually described as <<Wow!>> or <<Cool>!> and the long term impact which involves several elements such as: the ease of the workflow, the flexibility of the workspaces’ facilities, the logic of the furniture in the production flow or chromatics as an long term effect, just to name a few.

This is why we don’t just implement a fit-out process, we build it on long term periods of up to a year, during which we involve our colleagues, the future users of the space. We choose this solution because we do not consider the real estate component as just a roof under which we activate, but as an essential element of the collaboration between DB Global Technology has with its employees.

How do you use the office premises as a differentiating factor on a very competitive workforce market?

A competitive workforce market generates quality, and this has positive effects as competition is the most severe arbitrator. We try to perceive our workspace as a partner – I think this is the principal differentiating factor. A partner which helps you to perform, which generates good mood and stimulates the creativity of the occupants. And, as it mainly is a problem of human interaction, the project manager was the HR Department. The achieved results prove that it has been a successful project, which we are about to multiplicate.

How do you see the future of work-space?

The workspace of the future is directly related to the development of technology. The more freedom technology offers us, the more virtual the workspace will become. The “working anywhere” concept will evolve and will be the future trend, while holograms, future networks of 6-7-10G, augmented multi-tasking will allow us in the future to consider the office anywhere.

What are your expectations when discussing with representatives of the local real estate market? What type of services would you expect to be delivered?

Romanian real estate market starts to enter a pre-maturity phase and I sense the need of its transformation in a supplier for habitat services. I am referring here to complete relocation services: from temporary apartments offers, shared-car services (the road from home to office is constantly done for 22 days per month), catering, conferences facilities, etc. The transformation of this industry from a predilect “hard” area to a “soft” area will determine a qualitative increase of used spaces, in the benefit of both parties.

10 Influential Women in Romanian Real Estate
10 Influential Women in Romanian Real Estate 5120 3840 BUCHAREST REAL ESTATE CLUB

The Real Women: 10 Influential Women in Romanian Real Estate

A not long ago male – dominant sector, Real Estate has reached a phase in which prominent women professionals are leading several of the most powerful real estate businesses in the Southeast European region – not to speak about the sector in general. While some may explain it as a market maturity phase, we see it mostly as a result of genetic characteristics, typically attributed to women, being put to work – such as consistency, assertiveness, empathy or self-organization. The result is, however, an impressive number of women at the helm of some of the most influential real estate businesses in Romania.

They are deal makers, shrewd negotiators, market movers & shakers, business growers, inspirational leaders over hundreds of people and target over- achievers.

Over 5 billion EUR businesses managed by women in Romanian Real Estate. With the beginning of the year having brought new promotions in the market, we list below 10 of the most powerful profiles in the industry:

FULGA DINU

She was recently named country manager of Immofinanz for Romania and Bulgaria.
The company has a significant presence on the Romanian market, with 10 class A office projects and four shopping malls operated under VIVO! brand, in key-locations nation-wide: Cluj-Napoca, Constanta, Pitesti and Baia Mare.
Before joining Immofinanz, she occupied top management positions such as CFO of Iulius Group and Country Manager of Eurohypo (part of the Commerzbank group), the German bank which financed the real estate projects of Anchor Group in Romania.

AURELIA LUCA

Skanska’s commercial development unit in CEE announced in early February the appointment of Aurelia Luca as Managing Director for Skanska Property Romania. She also became a permanent member of Skanska CEE’s commercial development unit Management Team.
Aurelia has over 16 years’ experience in the real estate market. She started in Skanska Property Romania in 2012, where she held the position of Leasing Manager, and from 2016 to 2017 as Country Director.
In her previous roles, Aurelia was fully committed to successfully delivering, leasing and divesting the Green Court Bucharest office complex, strengthening Skanska`s position in the northern part of the city with the Equilibrium project, and leading the way as Skanska entered a new sub-market with the Campus 6 development.

LUIZA MORARU

CBRE has recently appointed Luiza Moraru as Head of CBRE’s Asset Services Division for Central and Eastern Europe. From this position, Luiza will guide and supervise almost 500 CBRE consultants performing asset management activities for office buildings and shopping centers in the CEE region.
Bucharest becomes this way a key-point in CBRE’s European network, as Luiza will lead the asset management teams located in Austria, Czech Republic, Hungary, Poland, Slovakia and Romania, aligning the good practices and the workflows at a regional level, with an aim for excellence.

Currently, in the CEE region CBRE manages a total area of 3,950, 000 sq. m. out of which 1,800,000 sq. m. are shopping centers and 1,000,000 sq. m. are office buildings, the remainder being industrial and logistics spaces. In Romania, the Asset Services department was founded at the end of 2013, under Luiza Moraru’s leadership, and grew to 400,000 sq. m. in just 4 years, the portfolio including representative buildings such as Sun Plaza Bucharest, VIVO! Cluj, VIVO! Constanta or Timpuri Noi Square Bucharest.

SILVIANA PETRE BADEA

JLL has appointed Silviana Petre Badea as managing director of its Romanian business, based in Bucharest, beginning with March 2017.
Silviana joined JLL at the start of 2015 to lead its capital markets business in Romania. During this time, she has spearheaded the expansion and evolution of the team and services offered to clients, with JLL continuing to enjoy the largest market share of capital markets transactions in the country.
JLL Romania is one of the top real estate consultancy firms in Romania, serving big institutional clients. The company was recently involved in the sale of Radisson Blu Hotel in Bucharest, assisting Elbit Imaging during one of the biggest investment transactions last year.

ANCA DAMOUR

One of the most experienced retail real estate professionals on the Romanian market, she is the Managing Director of Carrefour Property Romania, one of the most active retailers on the local market, with three type of retail formats: hypermarket, supermarket and proximity shop.

Anca’s career in Carrefour begun in 2002 when she was a Legal Director. After seven years she was promoted as Development Director for Carrefour Property and beginning with 2011 she is the head of the company, responsible for Carrefour’s expansion. At the end of 2017, Carrefour’s Romanian network counted 311 units – 33 hypermarkets, 225 supermarkets and 42 proximity shops.

MIRELA COVASA

She is the Chief Financial Officer and a member in the Board of Directors of NEPI Rockcastle, the leading retail property investment and development group in CEE.

She has joined NEPI in February 2012 and was appointed CFO in February 2015. Following the merger between NEPI and Rockcastle, Mirela was appointed CFO for the new entity beginning with May 2017. She has graduated with a finance degree from Bucharest Academy of Economic Studies and is a member of the Association of Chartered Certified Accountants (ACCA) and Chamber of Financial Auditors of Romania (CAFR).

Prior to joining NEPI, she was senior manager at PwC, where she spent eight years performing audit assignments in Romania, Slovenia and India. She has 15 years of accounting, auditing and financial experience.

ROXANA DUDAU

A very experienced real estate lawyer, Roxana Dudau is associated partner in Noerr. She specializes in real estate & construction law, urban planning law, corporate law and energy law. Her career focused on advising major foreign investors active in the field of retail and construction, banks, as well as major investors, predominantly in the automotive sector, in their greenfield investments in Romania, which she advised on structuring the planning and construction contracts for erecting their production facilities.

Roxana has large experience in real estate, town planning & construction and in regulatory issues, especially in retail transactions, advising the firm’s clients on their market entry and on their expansion in Romania. She has been part of Noerr ever since 2004.

EMA IFTIMIE

She is Commercial Director for Globalworth, the leading office investor in Central and Eastern Europe. The company founded by Greek business man Ioannis Papalekas is today the biggest office owner, with assets totaling 1.8 billion EUR.
Ema’s real estate career spans over 16 years, beginning with Victoria Holding and continuing with BOB Development and Upground. In her current role, she is part of the management team, responsible for frontline liaison with potential occupiers and letting agents.

OANA ILIESCU

She is Managing Director for Cushman & Wakefield Echinox, one of the top brokerage & consultancy real estate companies active on the Romanian market.

Her career identifies with the company started by Mihnea Serbanescu back in 1993. She begun in 2002 as a Consultant for Office Department and in 2005 she joined the Retail Department. Beginning with 2010 she was promoted as Managing Director, the company merging in 2015 with Cushman & Wakefield.

Echinox is the Cushman & Wakefield’s independently owned affiliate in Romania, comprising a team of over 50 professionals & collaborators and providing a full range of services to investors, occupiers and owners across all sectors of the real estate market, including the residential property advisory.

SINZIANA PARDHAN

P3, one of Europe’s leading logistics property investor-developers, promoted last year Sinziana Pardhan to the role of Country Head in Romania. Pardhan, who was previously Acquisitions Director for P3 in Romania, took over from Blake Horsley, who has become P3’s Group Development Director.

Sinziana oversees the company’s continuing expansion in Romania, a market that P3 believes has great potential due to strong economic growth and increasing importance in Europe’s manufacturing supply chain. With extensive experience in investments, acquisitions and disposals, she had previously spent nine years working at real estate consultancy Colliers.

P3 has a total of 370,000 sq. m in 14 warehouses in P3 Bucharest and another 100,000 sq. m of land which allow future expansion. Located just 13 km from the city center, the park is on the city ring road, which provides easy access to all six Bucharest districts, Henri Coanda International Airport (22 km away) and the A2 motorway. P3 is looking to expand in Bucharest as well as central and western parts of the country.

Back to top

PwC: Logistics ranked no. 1 for Investment in Europe
PwC: Logistics ranked no. 1 for Investment in Europe 1440 1080 BUCHAREST REAL ESTATE CLUB

PwC: Logistics ranked no.1

for Investment in Europe

General economic outlook is positive, with expectations for profits and headcounts to increase in 2018, according to Emerging Trends in Real Estate®: Europe 2018 survey by PwC & Urban Land Institute, based on 512 respondents from across 22 European countries. The key issues impacting businesses this year are the availability of suitable assets/land and construction costs.

MAIN TRENDS

INDUSTRIAL SECTOR IN THE FOCUS

Given the impact of technology upon real estate, industrial sector is ranked number one for investment and development prospects in 2018, largely on the back of the growth in online retail sales.

“Technological change is clearly playing out in the retail sector, and as retail shrinks, logistics expands, as does the last-mile delivery convenience to the consumer”, says one global capital markets adviser.

RESIDENTIAL HITS TIPPING POINT

Until recently, residential was seen by many institutional players as a niche sector, and for some, too specialist. Today, the industry appears less bothered by the obstacles to investment and increasingly swayed by the opportunities that could emerge from huge housing shortages across Europe. The Emerging Trends Europe survey reveals availability of affordable housing as one of the key social problems facing the industry in 2018 – more of a concern than environmental issues and mass migration.

REDEVELOPMENT INSTEAD OF SPECULATIVE DEVELOPMENT

Redevelopment is the most attractive way to acquire prime assets, thus translating into a low-risk strategy based on astute asset management and refurbishment rather than a hasty return to speculative development.

SMART ASSET MANAGEMENT

The greater importance attached to asset management reinforces the trend by institutional investors towards employing fewer and larger managers. Low returns and a lack of product in a late-cycle market have underlined the importance of “smart asset management”.

“We are not going to be able to generate the returns we want by buying assets and sitting on them,” says one pan-European investment manager. “We have to think about the management of the tenants, refurbishment and re-gearing.”

CO-WORKING TAKES HOLD

The rise of the flexible office sector and co-working stands out in Emerging Trends Europe. They are much more than simply property buzzwords but, as the interviews reveal, a workplace phenomenon whose influence has taken hold of the European industry in a profound way since last year’s report.

“As landlords we have to be more flexible,” says one convert to co-working. “Tenants are asking for shorter leases and break options. It requires a change in mindset and a willingness to take more risk.”
“Not everything is going to be WeWork,” says one value-add investor. “I still think there’s a huge amount of money to be made in traditional offices with larger occupiers. But the proportion of the market will grow for co-working, smaller companies, incubator space. Flexibility within buildings – the ability to sub-divide – becomes increasingly important, which comes back to obsolescence.”

Emerging Trends in Real Estate® Europe 2018 reveals an industry that is becoming more complex, yet more transparent and accessible. Whatever the outcome, it is certain that the industry will need new skill sets, new ways of collaborating outside traditional industry boundaries and new business models to survive and compete in the new real estate ecosystem. You can read more info about the survey here.

Start Typing