In the Spotlight

The European online travel agency FlyGo is relocating its Bucharest offices to Equilibrium 1, the first building of the Equilibrium complex developed by Skanska in the Northern area of ​​the Capital.

“We are glad that FlyGo chose the Equilibrium project as the new space for the company’s operations. This recent partnership shows us as well how beautifully shaped the diversity of tenants is and the industries they’re part of. We are very proud of the community we have created in Equilibrium and of the good energy you feel when you walk through the door of our building” says Tamara Guleryuz, Leasing&Asset Manager for the business development division Skanska CEE

The new FlyGo space will become operational starting July 2023.

With over 15 years of experience in Europe, the FlyGo travel agency offers its customers low-cost and regular flights at competitive rates, even for last-minute bookings. Currently, the FlyGo company owns 4 portals in Europe: FlyGo Italy, FlyGo Romania, FlyGo Spain, FlyGo Poland.

The Equilibrium office complex, consisting of two buildings, has become a reference in the Northern area of ​​the Capital, on the one hand because it is redefining the spaces and the working environment and on the other, because it’s giving a completely different aesthetic perspective on the area. The 3,500 square meter garden accessible to the entire community, the sustainable solutions implemented in the building that have a positive impact in reducing the energy, water and electricity consumption and the design focused on flexibility are the basis of the concept on which the entire project was developed. For the operation of the Equilibrium 1 building, Skanska contracted 100% electricity from renewable sources.

The LEED certifications, Well Health-Safety Rating and Net Zero Carbon Building pre-certification for the Equilibrium 2 building are confirmation of the way in which Equilibrium is built, with special attention to the comfort, safety and health of residents and users.

Supporting women’s empowerment represents a healthy foundation for a thriving and sustainable economic environment.

The fourth campaign promoting gender equality was promoted on the cover of Business Magazin and with an ample cover story inside this reputable publication.

“Last year we faced numerous challenges: in addition to the pandemic restrictions, the war with Ukraine brought a lot of uncertainty and an explosion of costs. Women in top management positions from the real estate industry have succeeded to manage the situation both on a business and human level, contributing to a smooth transition in this difficult context”, said Despina Ponomarenco, President BREC.

The cover story featured Alina Necula, Country Manager, Lion’s Head; Laura Bencze, Director, Investment Properties, CBRE Romania; Roxana Dudau, Partner Wolf-Theiss Romania; Florentina Mitricoaia, Leasing & Asset Manager, RPHI and Brindusa Grama, Head of Asset Management, Square 7 Properties. You can read the entire article here: https://www.businessmagazin.ro/cover-story/women-in-real-estate-cum-se-poate-construi-armonios-o-cariera-in-21665370

The annual campaign ended with a networking event, held in the lobby of U.Center business park,
where our guests enjoyed the opportunity to test the BMW iX, the symbol for a new era of mobility at BMW, conceived for fully electric driving pleasure.

THETA Furniture & More, one of the most important integrators of interior design solutions in Romania, announces the appointment of Cătălin Rotaru as CEO (Chief Executive Manager) of the company, effective February 1, 2023. Thus, Cătălin takes over the executive leadership directly from its founder, Florin Gheorghe, in times of accelerated development of THETA Furniture & More into a player with international impact.

Specialized in materials engineering, Cătălin Rotaru has almost 24 years of experience in the ceramics industry. Before joining THETA, Cătălin held the position of Group Commercial Manager for 4 years at KAI, a ceramic manufacturing company owned by Marazzi Group (part of Mohawk Industries, world leader in flooring products). Until its acquisition by the American company, Cătălin was Country Manager for Romania over of period of 10 years, managing to grow KAI from the level of a new entry company in the market to the most important supplier of ceramic tiles in the country.

“I am grateful for the extraordinary team of professionals with whom I have grown the company all these years. The time has come to upgrade to the next level in our development course. With trust, i am handing over the CEO position to Cătălin, however keeping my involvement in the area of ​​strategic business development of the company. I am confident that together we will continue to grow the company on the local market and also we will succeed to become a business with stronger international presence.” says Florin Gheorghe, Co-Fondator THETA Furniture & More.

“Working closely with players from the office market and other commercial spaces in Romania, it is a really fascinating challenge for me to proceed into interior design and fit-out world. Consolidating the leading position on the local interior design & fit-out market and amplifying the company’s promise to deliver innovative and creative solutions as a renowned interior general contractor, I consider to be relevant objectives in the company’s development process. The competitive advantage of owning a custom furniture manufacturing plant will continue to be the company’s strong point. More than half of the projects delivered by THETA’s team are designed and executed in the factory, and we aim that the concept “made in Romania” to be associated not only with tradition, but also with quality”, points out Cătălin Rotaru.” I am taking over the management of a market leader and a solid business model, and I am ready to carry on the vision of its founders.” adds Cătălin.

Cătălin attended BISM – Bucharest International School of Management courses, also completiting a series of trainings and improvements in operational and team management. He owns a Master’s degree in “Engineering of Industrial Systems” and graduated from Politehnica University of Bucharest, the Department of Engineering Science, Oxides Materials Science Faculty.

Globalworth, the leading office investor in Central and Eastern Europe, announced it has received 47 ESG related certifications for its Romanian portfolio in 2022. 

“Achieving these certifications was a very rigorous process, and our success shows that we are truly dedicated to best practices, high quality and continuous improvement. In the future, we will all have to rethink the way we build cities to enable greener and smarter living for all, better spaces that provide peace of mind. We are happy to bring the future closer”, stated Marian Popa, Managing Director at Globalworth Romania.

Globalworth certifications:

• Renewed LEED green certificatons for Globalworth Tower, the Green Court Complex (3 buildings), and City Offices;
• BREEAM New Construction for green certificaton for Globalworth Square;
• Renewed BREEAM In-use green certifications for BOB, BOC, GW Plaza, TCI, Unicredit, Gara Herastrau, TIP (1 facility) and received first time BREEAM In-use green certificaton for two other facilities in the TIP complex; 
• Access4you – Disabled Persons Certification for 16 Globalworth office buildings;
• WELL Health-Safety Rating for all our office properties. 

One of the highlights in terms of sustainability was the scoring achieved at Globalworth Square, the most technologically advanced office building in the Globalworth portfolio: BREEAM Outstanding accreditation, with 99% scoring, placing the building on the 3rd place worldwide at the time of its certification.

WeMat, a leading company on the commercial flooring segment of the real estate market, announces revenues of 17 million Euros for 2022, an increase of 13.5% compared to 2021.

In 2022, in addition to the rebranding process (previously, the name of the company was Decor Floor), WeMat’s activity has focused on diversifying the portfolio of products and services offered, registering a significant increase in volumes “year to year” in specialist contractor services area.

“In 2022, the real estate and construction market went through a good period in terms of developments. However, there is an element of instability regarding economic forecasts and supply chains. Despite the many challenges, we delivered over 70,000 sqm of technical flooring system for the most important office projects in Bucharest, over 30,000 sqm of wooden floors and over 30,000 sqm of ceramic finishing for a high-end residential project in Bucharest, and over 25,000 sqm technical flooring for a development in Timișoara,” explains Octavian Moroianu, Founder & CEO of WeMat.

In 2023, WeMat maintains growth forecasts, both on the main market – Romania, and for its secondary markets, Hungary, and Bulgaria. The company notes three main trends for 2023:

• Green and efficient buildings are the main focus, becoming much more than a simple criterion to be checked for the beneficiaries. In 2023, the projects will be approached from the point of view of sustainable development, which is based on the implementation of technology and practices that allow long-term accessibility, with a minimal impact on the environment. The regulation of the nZEB standard as well as the competition in the area of newly developed projects will certainly bring an increase in the segment of ventilated facade systems.
• Increased customers’ interest in innovative acoustic solutions from the point of view of design in office spaces.
• Economic dynamics generate a growing interest in the automation of scheduling and management of goods flow. We are moving towards a new industrial revolution, in which the automation and digitization of businesses will be in the foreground.

The company, previously known as Décor Floor, is a fit-out and construction solution provider for real estate developers from all market segments: office, residential, retail, hotels or industrial. Having a 18 years history, WeMat is working for companies such as AFI Europe, Atenor, Auchan, Banca Transilvania, Forte Partners, Globalworth, Hervis, Portland Trust, Raiffeisen Bank, Skanska, or Țiriac Holdings.

IMPACT Developer & Contractor filed a court action against Bucharest City Hall, Bucharest District 1 City Hall and Romsilva National Forest Management, in order to determine those institutions to comply with the obligations assumed by the decisions of the General Council of the City of Bucharest, those of the Local Council of District 1 and those from the  acceptance act of the donation concluded with IMPACT, and to definitively open public access between Privighetorilor Alley and Pădurea Pustnicu Road, connecting to their residential development, Greenfield.

The decision to begin the court actions was taken because of the authorities’ delay to start the procedure for the definitive reopening of public access on the Vadul Moldovei road, in accordance with the assumed legal obligations and as a result of the groundless statements of some representatives of these institutions who had the task to solve, not hinder, this process.

“Considering the closure of a segment of Vadul Moldovei Street which served as the only access road to District 1 for the residents of the GREENFIELD Băneasa complex, as well as the most recent public statements by the local authorities refusing to implement their own decisions, IMPACT has no other legal way than to sue them. We do this with regret, as we would have wished for a much better collaboration with the authorities, for the benefit of the 6,500 residents of District 1,” said Constantin Sebeșanu, CEO of IMPACT Developer & Contractor.

Starting 2017, Impact took the initiative and submitted 3 (three) urban planning documentations for the creation of 3 (three) additional accesses for the tenants of the Greenfield Băneasa neighborhood. So far, the approval procedures have not been completed. IMPACT has demonstrated that it has the ability to carry out such infrastructure projects, as evidenced by more than 8 km of internal roads built so far in the GREENFIELD Băneasa complex.

To support and speed up the definitive resolution of the situation, six years ago, IMPACT donated three plots of land with a total area of ​​6,000 sqm, located in the urban area of District 1 of the Municipality of Bucharest, to Bucharest’s City Hall, with the aim of carrying out the formalities to transfer the road from the public domain of the Romanian State in the public domain of the Municipality of Bucharest. This was an essential condition in resolving the situation and should have facilitated and accelerated the whole process, the rest being formalities between the state authorities. The history of the road belonging to Vadul Moldovei Street can be consulted here –

https://www.impactsa.ro/article/istoricul-drumului-din-strada-vadul-moldovei-si-demersurile-impact-pentru-mentinerea-acestuia-ca?lang=en

20.01.2023

Global real estate advisor, CBRE, has advised CA Immo on the sale of its Romanian office platform to Pavăl Holding. The portfolio is comprised of seven high-quality office properties located in Bucharest, as well as the highly experienced Romanian management team. Its acquisition makes Pavăl Holding the city’s second-largest office landlord. 

“We are very happy to see that the Romanian investors’ growing interest in the office segment. We are proud to have worked on more than 50% of the most important office transactions in Romania this year. Our investment team is cohesive, experienced, and has proven its capabilities,” said Mihai Pătrulescu, Head of Investment Properties, CBRE Romania.

CBRE acted as the exclusive financial and real estate advisor to CA Immo. CBRE was selected by the seller based on its ability to adapt its approach to investor needs and to find solutions to the most vexing challenges. 

“This is the largest real estate transaction ever in Romania as well as the largest investment ever made by a 100% Romanian company. The CA Immo portfolio, which we represented with complete services, is an extremely solid one, assembled over 20 years. It has an impeccable mix of international and national tenants, buildings with a strategic location and an exceptional retention rate. This is more than a record transaction, it is a defining moment for the Romanian real estate market.” added Laura Dumea-Bencze, Director Investment Properties, CBRE Romania.

Despite the many macro challenges facing real estate investors around the world, the Romanian market remains very solid, and international, regional, and local investors remain highly interested in acquiring assets in the country.

CA Immo’s Romanian portfolio is comprising seven office buildings with excellent occupancy rates, all located in prime areas of Bucharest, with a total leasable area (GLA) of approximately 165,000 sqm.: 

• Bucharest Business Park (26,700 sq m)
• Campus 6.1 (22,700 sq m)
• Europe House (16,400 sq m)
• Opera Center I (11,900 sq m)
• Opera Center II (3.500 sq m) 
• Orhideea Towers (37,000 sq m) – pictured in the article 
• Riverplace (47,000 sq m)

THETA Furniture & More has finalized in November 2022 implementing the interior design services for the new BCR (Banca Comerciala Romana – Romanian Commercial Bank) unit in Cluj-Napoca. BCR has moved its County Branch from the old space in Cluj-Napoca to a new one in The Office Building, also located in Cluj-Napoca. The space area of approx. 1000 sqm was fully delivered by THETA Furniture & More’s team, as Interior General Contractor. The concept has been created by the architecture studio 1722 Studio Lab.

“The layout concept of our new hub in Cluj-Napoca represents an innovative model of banking communication. This modern and friendly space is designed to encourage, throughout the entire environment, a more open and closer dialogue with each customer. It’s a place that aims to foster open conversations about money, life goals and plans, based on the principles of financial education. Thanks to our partners at THETA, who helped bring this concept to life, we are convinced that the customers who will enter our new unit in Cluj will enjoy a warm banking experience with high standards”, declared Petru Ciurtin, Director Zonal Retail BCR.

BCR has been a client of THETA Furniture & More since 2020. The collaboration started with the space design of Satu Mare’s branch. 

THETA Furniture & More is one of the most important Romanian integrators of interior design solutions, with its own custom-made furniture production factory of 5000 sqm in Păulești, Prahova County. The company founded in 2008 specializes in complete design and interior design solutions for spaces in segments such as office, commercial, HoReCa and medical.

15.11.2022

The real estate developer CERTION announces the completion of VOGH project, the first brand residences operated as a hotel in Olimp, less than two years after the start of the works. Thus, the company is preparing to start the reception process and then the delivery of the apartments to customers, with the project to be opened to guests in the first part of next year.

Located and developed in Olimp resort, which is in full transformation through investments of over 700 million euros until 2025, the 12-storey complex totals 173 apartments, out of which 85% have already been sold, with a total value of 57.6 million

“The successful completion of VOGH Olimp complex, despite the less favorable context of the last two years, confirms our ability to fulfill our promises to our investors and customers. For the entire team, delivery to the promised standard and on time was the main objective during this period,” said Cătălin Scripcaru, CEO of CERTION.

Among the main facilities available to guests and residents of VOGH Olimp is the spectacular infinity pool on the 11th floor overlooking the sea, unique on the Romanian coast. Added to that is the unique CIGAR BAR on the same floor plus a chic SPA area. The property benefits from hotel services specific to authentic brand residences.

The hotel custodian of VOGH Olimp is Loyal Paladin company, which will operate the largest alliance of branded residences in Romania, with a portfolio that will include approximately 2,000 accommodations until 2026.

The chain of brand residences operated by Loyal Paladin and developed by CERTION in the South of the Romanian coast, includes 5 projects, of which VOGH Olimp is the first completed. GALILEO Olimp Resort & Residences is also in an advanced stage of execution, whose construction was started at the end of 2021 and whose delivery is estimated in the second half of next year. The other three CERTION projects in the South of the Romanian coast, LAGO, SOLANTIS in Neptun and PHAROS in Olimp are in the authorization stage.

(8.11.2022)

Globalworth announced the appointment of Dennis Selinas as the new CEO of the Group. The Board of the company and Dimitris Raptis, the current CEO, have agreed for Mr Raptis to step down from his role both as CEO and as a member of the Board with effect from 31 December 2022. Dennis Selinas is joining the Company as an executive director with effect from 21 November 2022 and will take over as CEO of Globalworth from 1 January 2023.

“On behalf of the Board, I’d like to place on record our thanks and appreciation to Dimitris for his drive and dedication over the last ten years. He has played a key role, especially over the last few challenging years, in steering the Company through to continued resilient performance and in shaping Globalworth’s plans for the future. He has also helped to nurture a first-class management team that, under Dennis’ future guidance, is now very well placed to take the business forward. On behalf of the Board, I would like to welcome Dennis to his new role with Globalworth. Dennis’ extensive background in CEE property and finance is the right fit for the company and will be vital for strengthening its dominance in the office market”, said Martin Bartyzal, Chairman.

Dennis Selinas has nearly 20 years of real estate experience in Central and Eastern Europe and is currently managing the real estate portfolio of Argo Capital Management Limited, an AIM-listed fund management company, which consists of €500m of retail assets in five SEE shopping centres (c. 275,000 GLA / Romania, Ukraine).

Dimitris Raptory remains connected to Globalworth in an advisory role. He joined the Board of the Company as Deputy CEO and Chief Investment Officer ahead of its IPO on AIM in 2013, later becoming CEO during 2020. 

Globalworth is the leading office investor in Central and Eastern Europe (CEE).

25.10.2022