Redport Capital announces new 13 million EUR investmenthttps://brec.ro/wp-content/uploads/2024/05/The-Level-Apartments-Phase-3_-ext1-002.png1133600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/05/The-Level-Apartments-Phase-3_-ext1-002.png
Redport Capital announces new 13 million EUR investment
22.05.2024
Romanian real estate developer Redport Capital announces construction start for the third phase of The Level project: adding another 105 apartments to this modern residential neighborhood.
The third phase of the project located in the North of Bucharest, in the immediate vicinity of the OMV-Petrom headquarters, will cover an above-ground build surface of approximately 10,000 sqm. By the end of 2025, the project will offer another 105 units: studio, two-, three- and four-room apartments, of which more than 70% are already pre-contracted. The compound will have 136 underground and above-ground parking spaces and over 300 sqm of retail spaces, which will serve both future residents and other residents of the neighborhood.
Cosmin Savu – Cristescu
CEO, Redport Capital
“This ambitious project, initiated in 2017, reflects our confidence in the potential of the Străulești area. The Level Apartments III represents a new chapter in the project’s story, bringing significant technological improvements and reinforcing our commitment to sustainability, while providing easy access to modern amenities.”
The value of the investment in Phase III exceeds 13 million EUR, which will be financed from own funds and bank financing approved by First Bank, the latter covering 8,700,000 EUR, of which 1 million EUR are dedicated to the credit line for VAT.
REIT legal initiative submitted in the Romanian Parliamenthttps://brec.ro/wp-content/uploads/2024/04/Poza-Buc-scaled.jpg900600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/04/Poza-Buc-scaled.jpg
REIT legal initiative submitted in the Romanian Parliament
Following the joint initiative of Bucharest Real Estate Club – the main industry’s association – and Bucharest Stock Exchange to promote the regulation of Real Estate Investments Trusts (REIT) on the Romanian market, the legal initiative was submitted in the Parliament earlier this month.
22.04.2024
REITs are investment vehicles which facilitate the access of individuals and legal entities to a diversified portfolio of real estate properties. Through these entities, investors can access and invest in real estate in a simplified and efficient manner. An important aspect of REITs is that they are listed companies on a regulated exchange, which ensures transparency, liquidity, and proper oversight for investors.
The lack of an appropriate legal framework for REITs in Romania constrains the development of this market, depriving the Romanian economy of the opportunities created by this type of instrument, such as the existence of a new source of stable financing.
Despina Ponomarenco, President of BREC
“Globally, the estimate for the value of REITs is 3,000 billion Euros. Regarding the EU member states, Romania, Croatia, Estonia, Latvia, Lithuania, Malta, and Slovakia are the only member states that have not regulated a specific tax regime for real estate investment companies. The Romanian real estate market has faced many challenges in recent years: the restrictions due to the COVID pandemic, inflation, the war on the border, the lack of predictability and, particularly for Bucharest, the urban gridlock. Under these conditions, the regulation of this instrument would attract new investors who are not present on the market.”
Adrian Tănase, CEO, Bucharest Stock Exchange
“This project takes into account the need to develop the local capital market and transform it into a viable channel for investing Romanians’ savings in real estate, a sector that is of great importance for Romania’s economy. The regulation of REIT-type instruments will attract investments both from the population and from Romanian or foreign institutional investors, thus generating an extension of economic activity in all sectors impacted by the real estate industry.”
River Development has a new Managing Partnerhttps://brec.ro/wp-content/uploads/2024/04/OANA_RADULEA_RIVER_DEVELOPMENT_BREC.png900600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/04/OANA_RADULEA_RIVER_DEVELOPMENT_BREC.png
River Development has a new Managing Partner
17.04.2024
River Development, one of the local real estate developers, has a new Managing Partner, in the person of Oana Rădulea. Oana thus takes over the executive management of the company, from the former Executive Director, Liviu Birău.
Oana Rădulea has over 21 years of experience in the local and international real estate development industry. Before joining the River Development group of companies, Oana held for 7 years, the position of Leasing & Business Development Director at White Star Real Estate, a real estate developer active in Central and Eastern Europe.
Oana Rădulea, Managing Partner River Development
“My active contribution in the companies’ group development managed by River Development began 14 years ago, while my efforts have been mainly focused on the planning and implementation of strategies for property leasing, management and development of the portfolio of buildings in Sema Parc. Consolidating the leading position on the local real estate development marketrepresents the main goal in the company’s long-term development process”
River Developmentis a real estate investor and developer with Romanian capital, with over 20 years of activity on the local market, supported by a team of professionals with extensive experience in planning, developing and managing large-scale real estate projects. River Development is developing two of the capital’s major urban reconversion projects: Sema Parc – located on Splaiul Independentei – approx. 1,000,000 sqm GBA and The Light – located on Iuliu Maniu Boulevard, approx. 150,000 sqm GBA. Both are located in the central-western area of the capital and are in different stages of development.
InteRo Property Development starts +EUR 170 million investments this year in Northern Bucharesthttps://brec.ro/wp-content/uploads/2024/04/INTERO_PAJUREI_RESIDENCE_BREC.png900600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/04/INTERO_PAJUREI_RESIDENCE_BREC.png
InteRo Property Development starts +EUR 170 million investments this year in Northern Bucharest
03.04.2024
InteRo Property Development has received the building permit for Pajurei 3 Residence, with construction works to begin in the following weeks. The developer also expects to receive the building permit for SunLight Residence, a residential project in Tunari area, in the following months.
InteRo Property Development will soon close the acquisition of MoonLight Meadows, a 4.5-hectare plot of land in Otopeni area with a PUZ. The large-scale residential project has an estimated investment value of more than EUR 80 million,developing more than 400 apartments in the upcoming years.
The three developments represent a combined investment in Northern Bucharest exceeding EUR 170 million.
Ashton Topolinski, Partner, Head of Marketing & Branding and Sustainability Lead at InteRo Property Development
“InteRo’s development strategy focuses on building projects that add value to Bucharest’s economy, enrich the livelihood of our residents and, are attractive to investors. As Romania’s Sustainable Development Strategy 2030 is approaching, we align with creating beautiful communities that are energy efficient, using a significant share of energy from renewable sources.”
With an estimated investment value of EUR 65 million,Pajurei 3 Residence is the first luxury project in Pajura, Bucurestii Noi and is expected to generate investors an average rental yield of approximately 7% (considering all price levels).
Răzvan Nica, Managing Partner at BuildGreen and lead architect for Pajurei 3 Residence BREEAM Excellent Certification
“We are in the BREEAM certification process for the Pajurei 3 Residence project, and through our dedicated approach and intensive focus on sustainability, we confidently anticipate that we will achieve the standards required to achieve BREEAM Excellent certification. Nowadays, green construction is no longer just an option, but is gradually becoming an essential requirement for modern residential developments, bringing tangible benefits in terms of energy efficiency, environmental responsibility and sustainability.”
Following an estimated investment value of EUR 25 million, SunLight Residence will be a more mid-market, affordable development.SunLight Residence will include 5 blocks with 180 spacious apartments (2-room, 3-room, and 4-room with 100+ sqm garden apartments), a children’s playground, green spaces, bicycle storages, and as well as 360 parking spots.
HP extends the partnership with YUNITY Parkhttps://brec.ro/wp-content/uploads/2024/03/foto_0201-scaled.jpg901600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/03/foto_0201-scaled.jpg
HP extends the partnership with YUNITY Park
Genesis Property, one of Romania’s leading office building owners, and HP Inc. Romania have signed a 5-year lease extension for 7,000 square meters of office space in YUNITY Park. HP Inc. Romania will thus reach 24 years of presence in YUNITY Park, offering employees unique workspaces and facilities for office life and leisure, aligned with today’s and tomorrow’s trends.
Liviu Tudor, Genesis Property President
“HP Inc. has chosen YUNITY Park for the next 5 years, reinforcing our partnership of over 20 years and our shared mission to provide an environment that is aligned with future trends in the labor market. Our continued dedication to office campus development focuses on people’s needs, both in their professional and personal lives, helping to create an ideal balance between productivity, collaboration, and well-being.”
In addition to state-of-the-art office spaces with high sustainability standards, the YUNITY Park campus stands out through its purpose-built public space with fluid architecture and biophilic design, offering an urban forest of 1,000 sqm, which contributes to the absorption of more than 5 tons of CO₂ annually, an outdoor amphitheatre with a capacity of 1,500 people, 2,000 meters of pedestrian walkways and tiered promenade, stepped water mirrors and creative spaces for relaxation, meetings and events.
Mugur Pantaia, Managing Director, HP Inc. Romania
“At HP Inc Romania we strive to provide our teams with a productive and balanced working environment, adapted to the latest trends. We are delighted to continue our strong collaboration with Genesis Property, sharing a vision that has redefined YUNITY Park over the past year as a refreshing element in the Romanian office space landscape.”
In 2024, YUNITY Park is preparing to enter its final development stage. This progress comes after Genesis Property announced the completion of the project’s second phase at the end of last year, marking a significant 20-million-euro investment in exceptional spaces and facilities, as well as in the sustainability of the campus. Among the innovations implemented by the company are a rainwater retention pond to irrigate the park’s entire green space, smart and energy-efficient night lighting systems based on LED technology, and an impressive network of more than 1,000 photovoltaic panels installed on the roofs of campus buildings.
This transaction is part of a series of lease agreements for office spaces in the YUNITY Park and West Gate Business District campuses, part of Genesis Property’s portfolio. In the past 12 months, well-known companies such as Garanti BBVA, Siemens, and Ericsson have renewed their commitments, bringing Genesis Property’s total leased space to over 25,000 square meters.
In 2023 Genesis Property received approval from the Science Based Targets initiative (SBTi) for its near-term CO₂ emissions reduction target by 2030. The company aims to reduce emissions in Scopes 1 and 2 by at least 46% below 2019 levels, as part of its efforts to meet the targets set out in the Paris Agreement. These measures are intended to contribute to limiting global warming to 1.5°C above pre-industrial levels by 2050. Genesis Property is also committed to measuring and reducing Scope 3 emissions, to achieve validation of the Net Zero target for long-term CO₂ emission reductions.
A five-year new lease for Yusen Logistics (Romania), assisted by CBRE Romaniahttps://brec.ro/wp-content/uploads/2024/03/CTPark-Bucharest-IMG_20210514_091201-002-scaled.jpg800600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/03/CTPark-Bucharest-IMG_20210514_091201-002-scaled.jpg
A five-year new lease for Yusen Logistics (Romania),
assisted by CBRE Romania
Yusen Logistics, a leading global logistics provider, has secured a lease agreement for a substantial area of 19,000 sqm within CTPark Bucharest, assisted by CBRE, the global and national leader in commercial real estate investment and services.
Located in a strategic area, in the western part of Bucharest, the logistics hub will serve as a regional distribution center for the automotive industry. With the support of the CBRE expertise team and the landlord, Yusen Logistics (Romania) will benefit from competitive rental rates in a growing market for the contractual period of five years.
“This lease agreement is a crucial strategic move that perfectly aligns with our dedication to delivering exceptional logistics solutions to our clients. Leveraging its extensive expertise and market knowledge, CBRE proved to be a rock-solid ally, supporting us at every step and offering the best solution in the market for our needs while securing competitive rates.”
The industrial and logistics industry continues to evolve, recent trends indicate a resurgence in the production and logistics segments. The logistics and automotive sectors drove the largest demand for I&L spaces. Analyzing the total leasing activity through the lens of main use of leased spaces, Logistics purposes is by far the most common requested type of space with 53% of TLA, a trend registered since 2022 when the segment also placed first. This balance is expected to tilt in favor of production in the upcoming quarters. Rental transactions in the 3PLs (third-party logistics) category also recorded an increase of 35%, compared to the same period last year.
Călin Badea, Consultant, Industrial & Logistics at CBRE Romania
“The I&L market remains a crucial sector that is realigning with pre-pandemic trends. We anticipate higher demand for this year, especially in the production and logistics segments. Romania remains a competitive market for this sector and modern spaces that follow a sustainability policy and are BREEAM or LEED certified enjoy greater interest from investors and occupiers alike. The lease of this significant area for Yusen Logistics showcases the strong logistics sector in Romania and confirms Bucharest as a great location for a regional and global distribution center, serving 19 countries on three different continents”
CBRE’s latest data reveal that the Romanian industrial and logistics market remained strong and had a sustained demand. The modern industrial stock in Romania peaked at 7.2 million sq m at the end of 2023, with a total of 492,000 sq m delivered last year, which represent around 7% from the actual stock. The monthly rent average soared to €4.50 per sq m, underlining a 9.76% YoY growth.
Last year, the industrial sector amassed an investment volume of €70M. and represented 14% from the total investment volume transacted in 2023.
2024 Trends with Catalina Dragomir, Konehttps://brec.ro/wp-content/uploads/2024/03/KKK_3814_01-scaled.jpg565600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/03/KKK_3814_01-scaled.jpg
27.02.2024
Catalina Dragomir, Managing Director, Kone
Top 3 trends you foresee in 2024 for the machinery & equipment suppliers’ sector?
2024 will be a year of continuous transformation and the suppliers will invest into digitalization, use of AI and cloud services. The suppliers will develop their portfolio using interconnected machinery and equipment. The introduction and/or availability of digital/remote services will be more seen into the suppliers’ proposals. On the other hand, the market and the customers are looking for new solutions that will allow them to differentiate themselves in a very competitive market.
Main challenges and opportunities in 2024?
2024 is coming with economic challenges and market uncertainty. The regional conflicts are also impacting the market developments, while logistic disruption can influence the products’ availability and costs. For several years we have already seen labor market shortage in respect of capacity and competences, which is an incredible opportunity for online/remote services development and implementation.
What are your company’s business targets in 2024?
Our aim is to differentiate through innovation and sustainability that will support our customer’s growth. We are investing in high performing teams looking to grow faster than the market with leaner and smarter ways of working.
Vastint Romania announces the second phase of the project Timpuri Noi Square of 105,000 sqmhttps://brec.ro/wp-content/uploads/2024/03/2024.03.13-TNS2-POV-A1-scaled.jpg1200600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/03/2024.03.13-TNS2-POV-A1-scaled.jpg
13.03.2024
Vastint Romania announces the commencement of the second phase of its real estate project, Timpuri Noi Square, a significant urban regeneration project for the Timpuri Noi area, thus marking an important moment in the real estate industry in Bucharest.
Timpuri Noi Square Phase II
After obtaining the necessary permits and completing the preparation phase for construction, the second phase of the Timpuri Noi Square project begins. The additional project area will total 105,000 square meters of gross built area (GBA). It will include two new office buildings, resulting in a doubling of the available office and commercial spaces within the Timpuri Noi Square complex.
“We are proud and excited to mark this new stage of the Timpuri Noi Square project. We are facing an innovative initiative – a mixed-use urban regeneration project of significant importance. The second phase of the Timpuri Noi Square project will be an absolute premiere, being the first office building project under construction to completely eliminate the use of fossil fuels, designed and set to be executed according to the latest nZEB and LEED standards. Renewable sources will be used for heating the buildings, such as 1,700 square meters of photovoltaic panels and 2 heat pump systems, some of which are air-to-water systems to be installed on terraces, and others are ground-source systems that will utilize 200 geothermal wells. Therefore, we entirely remove the utilization of gases. We aim to achieve the highest level of green certification, LEED Platinum, for this project, continuing Vastint Romania’s tradition of promoting sustainability in all oour portfolio projects. Additionally, Timpuri Noi Square’s construction endeavors will engage over 1000 individuals, reflecting Vastint Romania’s commitment to generating substantial employment opportunities.” stated Antoniu Panait, Managing Director of Vastint Romania.
The structural works of the second phase of the Timpuri Noi Square project will be managed out by Vastint Romania’s partners, DESA ENGINEERING CONSTRUCTION, while the supervision and management of the construction site, along with compliance with Health and Safety regulations, will be ensured by the experts at Bureau Veritas.
“We as Bureau Veritas, through our Business & Infrastructure department, feel honored to support Vastint on this great endeavor which involves innovative urbanistic approach with sustainable impact and objectives. Our main role during this project is related to verifying and monitoring the quality of the execution of the construction elements, together with the coordination of the entire activity according to occupational health and safety regulations. By its involvement in this project, Bureau Veritas joins Vastint in ensuring that the highest quality standards are followed and achieved.” stated Carlos Garza-Castillo, Country Chief Executive Romania
„We are grateful to Vastint Romania for their trust in awarding us with the contract for the execution of the structural works of Timpuri Noi Square Phase 2 Project. We are sure this will mark the beginning of a succesful partnership. We would like to ensure them of the full support of DESA ENGINEERING CONSTRUCTION for achieving the target objective, within the highest quality standards, with respecting rigorously the technical project and the technical regulations in force, the project timeschedule, and the health and safety requirements” declares Erkan Demirezen, Administrator DESA ENGINEERING CONSTRUCTION.
Prior to the development of Timpuri Noi Square, up until 2017, the area lacked the necessary public recognition, despite being one of the five major urban centers in downtown Bucharest and representing a significant market in the Capital.
Presently, this architectural project seamlessly integrates into the city’s infrastructure, boasting strong connections to both public transportation networks and major road arteries. Situated in a densely populated area, Timpuri Noi Square has significantly influenced the swift development of the local service sector and heightened interest in office and residential spaces. Moreover, the area’s appeal is further amplified by the presence of educational institutions, ranging from kindergarten to prestigious private universities. This feature provides residents and employees in the area with easy access to a diverse range of educational options, thereby enriching the quality of life and the attractiveness of the area for families and professionals seeking to live or work in a dynamic and comprehensive urban environment.
Women in Real Estate 2024, 5th editionhttps://brec.ro/wp-content/uploads/2024/03/BREC_WOMEN_IN_REAL_ESTATE_2024-13-1-scaled.jpg1200600BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/03/BREC_WOMEN_IN_REAL_ESTATE_2024-13-1-scaled.jpg
Women in Real Estate 2024:
transforming feminity into power
The fifth edition of Women In Real Estate took place on International Women Day, Friday, 8th of March at the top floor of Grand Hotel Bucharest, gathering leaders from developers, investors, lawyers, consultants, banking and partner associations.
The debate wasn’t about facts and figures, but on how women can develop their career path in the real estate industry, and how they can overcome the inherent challenges. In a relaxed atmosphere we have tackled numerous subjects related to both professional and personal development, but also on how we can support moms in the office.
Beatrice Dumitrascu, CEO, Residential Division, One United Properties; Andreea Cotiga, Head of Office Leasing, CPI Property Group Romania; Luciana Giurea, Head of Residential AFI Europe Romania; Iulia Iana, Head of Marketing, HILS Development and Atena Boca, Founder La Primul Bebe, an NGO advocating for mothers’ rights joined the debate. Alex Teleanu, Head of Training, Teilor had an interesting presentation related to less known aspects about diamonds and jewels.
INDUSTRY CHALLENGES
Luciana Giurea, Head of Residential, AFI Europe Romania
Femininity is our super-power!
“We can use preconceived ideas in our advantage. My ten-year experience in the industry is with AFI Europe team, where women are encouraged to develop their careers in each department. I don’t feel a competition with men. We must appreciate the unicity and qualities of each person.”
Iulia Iana, Head of Marketing, HILS Development
Everyday you must become better!
“Real estate is more competitive and dynamic than the automotive industry. What I would improve in this industry is related to the transparency towards the final client.”
GROWING LEADERS
Andreea Cotiga, Head of Office Leasing, CPI Property Group Romania
One is leading by example!
“Honesty and grit are the main qualities I appreciate when recruiting new colleagues. I am looking for positive people, always in search of solutions. Soft skills prevail upon technical abilities. One is leading by example, through shared experience and modesty. These imply kindness, empathy, and grace.”
Beatrice Dumitrascu, CEO, Residential Division, One United Properties
Leaders are born within the team!
“It is difficult to identify leaders reading a resume. The leaders are born within the team, among people who stood by, those are the ones deserving the first chance.”
PARENTING & CAREER GROWTH
ATENA Boca, Founder, La Primul Bebe
Moms should come back at the office when they are ready!
“We have 11 years of experience in supporting over 250,000 mothers nationwide. The most important aspect is for moms to come back at the office when they are ready, not under the pressure of management or under their own pressure, because it doesn’t bring any benefit, on the contrary it only brings frustration and guilt. It is important for mothers to know their rights when returning to their jobs. Another important aspect is that the attachment relation with the child is formed in the first two years.”
Iulia Iana, Head of Marketing, HILS Development
Parenting helps to develop leadership skills!
“Parenting means stress resilience, meeting deadlines and super-efficient communication. Leading by example, being involved near the people makes one a better leader.”
FAILURE
Andreea Cotiga, Head of Office Leasing, CPI Property Group Romania
Failure is important for progress!
“There isn’t any person not to go through a failure process. Failure is important for progress: it takes you out of the comfort zone, it motivates you and makes you tests your limits. Before big successes I had an important failure.”
Atena Boca, Founder, La Primul Bebe
Vulnerability is the instrument for learning parenting!
“Vulnerability is the best connecting way with the others, it humanizes us. We must not look for excuses for living such a moment, which makes us special. Women in real estate are kind and smart because they own this benefit. Vulnerability is the instrument for learning parenting. There are no recipes, each one must start the construction site of their own emotional healing.”
THE BALANCE BETWEEN WORK & PRIVATE LIFE
Beatrice Dumitrascu, CEO Residential Division One United Properties
No day resembles with the next one!
“When you do what you love is easier to cater for all three roles: businesswoman, wife, and mother. There is no recipe and no coherence, no day resembles with the next. When the balance between work and private life loses equilibrium, one must make a change.”
TIME FOR US
Andreea Cotiga, Head of Office Leasing, CPI Property Group Romania
“I love spending time with my little daughter: going to the beauty salon or shopping together relaxes me.”
Luciana Giurea, Head of Residential, AFI Europe Romania
“I really love to eat. After this event I will go with my colleagues at Obor Terrace and meat Romanian mititei. I also love to go hiking outdoors with my friends.”
Beatrice Dumitrascu, CEO, Residential Division, One United Properties
“Sometimes I feel the need to just sit alone on my couch and watch some random movie on Netflix. I also like to knit and garden. Traveling with my family also relaxes me.”
Atena Boca, Founder, La Primul Bebe
“The guilt prevented me for some while to do things for me. When you do something for yourself is the biggest self-love sign but also for the dear ones”
Iulia Iana, Head of Marketing, HILS Development
“I think we must prioritize ourselves and take time to do what we love and relaxes us. If we don’t draw a line between our job and family responsibilities, there is no disconnection.”
IN CONCLUSION
Despina Ponomarenco, President, BREC
“It was an event like no other organized by us until know, when each intervention was sincerely applauded. I want to thank each of our lovely speakers for their courage to show themselves vulnerable and honest. My gratitude goes towards each participant at this event for their vibrant, feminine energy!”
WOMEN IN REAL ESTATE 2024 was brought to you in association with:
IMPACT announces revenues of 169.5 million RON in 2023 and a net profit of 34.9 million RONhttps://brec.ro/wp-content/uploads/2024/03/IMPACT-Developer-Contractor-scaled.jpg1200553BUCHAREST REAL ESTATE CLUBBUCHAREST REAL ESTATE CLUBhttps://brec.ro/wp-content/uploads/2024/03/IMPACT-Developer-Contractor-scaled.jpg
29.02.2024
Impact Developer & Contractor
IMPACT Developer & Contractor S.A. (ticker symbol IMP), the first real estate developer listed on the Bucharest Stock Exchange, ends 2023 with a preliminary consolidated turnover of 169.5 million RON, a net profit of 34.9 million RON and a gross margin of 39%.
In 2023, the company signed sale-purchase contracts for 157 units in the GREENFIELD Baneasa, LUXURIA Residence and BOREAL Plus compounds, which, together with related parking spaces, gardens and storage rooms, generated revenues of 119.5 million RON.
IMPACT owns a valuable land portfolio in Bucharest, Constanta and Iasi, of about 71 ha, with development potential for 5 more new sustainable, large-scale projects, with an estimated market value of over 7.4 billion RON.
At the end of the year, the developer had 377 pre-sold and reserved housing units, of which 320 for the new apartments in GREENFIELD Baneasa, to be delivered this year.
IMPACT Group’s gross margin increased from 32% to 39% in 2023. Indebtedness held steady at 28%, while trade debt fell by 26%. At the same time, the company maintained its stable liquidity position, at 51.3 million RON.
“The low volume of mortgage loans, as a result of the major increase in interest rates, together with the postponement of the approval procedures for the reception of new apartments in GREENFIELD Baneasa, had a significant impact on the company’s revenues, which are recorded only after receiving the amounts from the sale-purchase contracts. After a year dominated by high inflation and unpredictability, 2024 comes with good prospects: the delivery of 732 apartments in GREENFIELD Baneasa and the continuation of construction works at another 435 units in the neighborhood, the liquidation of the stock of units in LUXURIA Residence, for which an increased interest was maintained, as well as the planning of the GREENFIELD Copou (Iasi) and ARIA Verdi (Bucharest) projects.”, stated Constantin Sebesanu, CEO IMPACT Developer & Contractor.
As of December 31, 2023, IMPACT had construction permits for 2,693 units in Bucharest, Iasi and Constanta, with an estimated market value of 1.9 billion RON. Of these, 982 homes are in various stages of construction.
