In the Spotlight

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Find out more at www.iasipentruviitor.ro.

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

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

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

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

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

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

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

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

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

The new project includes:

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

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

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

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

Spaces for music, arts and entertainment

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

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

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

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

Gardens, new promenade areas and an outdoor sports center

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

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

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

A green neighborhood in the greenest area of the city

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

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

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

Sustainable urban reconversion, a new bridge over Someș River

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

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

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

***

Key data:

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

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

One United Properties announces the acquisition of a historic building located in the centre of Bucharest, the former Ford factory, from Auchan Romania.

The developer estimates significant investments in the next two years in the restoration of the building, with the purpose of protecting and regenerating the cultural heritage of Romania’s capital.

One United Properties intends to fully restore the factory and transform it into a retail space integral to mixed-use development One Floreasca City. The space will host an Auchan concept store supermarket of 2,000 sqm, high-end shops and restaurants with expansive terraces, distributed on the 6 meters height ground and first floor.

The Gross Development Value (GDV) of the development upon completion is estimated at 82 million euros. Auchan Romania was already granted the building permit, therefore the construction will start immediately, with an estimated delivery date in mid-2024. Upon completion of the construction, the restored building will have a gross leasable area of approximately 13,000 sqm and 400 parking spaces built on two underground floors.

“We are thrilled about the acquisition of the former Ford factory because it is a one-of-kind location in the CEE region. We are determined to restore it so that it can be, once again, a thriving city destination, bustling with life, and a must-see landmark on the agenda of anyone visiting Bucharest,” stated Victor Căpitanu, co-CEO at One United Properties.

The building, located within the One Floreasca City development of One United Properties, was the first Ford factory with an operational assembly line in Eastern Europe. The land where the factory was built was bought in the early 1930s by Henry Ford. The factory opened in 1936, having 100 employees. Approximately 2,500 vehicles were assembled in the factory every year until 1948 when the plant was closed after Romania came under Soviet influence. The principal car built in the Bucharest factory was Ford V8 Fordor Sedan.

Read also:
Bright Spaces & InteRo Property Development team up for the 1st residential showcasing digital platform

• Bright Spaces and InteRo Property Development will partner to implement a web-based platform that streamlines the showcasing and selling of InteRo’s entire residential portfolio.
• The platform will be available from the 2nd Q of 2022, with a promise to create a new home buying experience. It will digitally present the developer’s premier residential projects: NorthLight Residence, New Confort City, SkyLight Residence.
• Future clients will be able to access all the information they need about their future apartment remotely, whenever it is convenient to them, with just one platform, instantly accessible from any device.

Proptech Bright Spaces makes a step ahead in its evolution by expanding the verticals it addresses through its solution. To date, the company has partnered with office landlords and developers to showcase office buildings from Romania and the UK.

In Romania, within the new digital Residential sales solution, all of InteRo’s outstanding residential projects will be featured: NorthLight Residence, New Confort City and SkyLight Residence. With this new platform, future clients will be able to explore the interior and exterior renderings of the 3 projects, get real-time availability insights, book a live tour, etc.

The first developer in Romania to present its entire residential portfolio digitally

Bogdan Nicoara, CEO & Cofounder Bright Spaces and Michael Topolinski IV, Head of Sales and Innovation InteRo Property Development are both excited to work together in the future and for their new 5-year partnership.

“This collaboration marks a first: our first implementation for a residential portfolio. Bright Spaces is scaling to reach our bold vision of becoming a global solution for any real estate vertical. We are excited to work with InteRo, an innovative and client-focused business that understands the need for digital-first solutions. We are looking forward to the official launch, it’s a key milestone for our team,” says Bogdan Nicoara, CEO & Cofounder Bright Spaces.

Michael Topolinski, Head of Sales and Innovation InteRo Property Development, also said about their future project:

“We are extremely excited to kick off a 5-year partnership with Bright Spaces, and become the first developer in Romania to present its entire residential portfolio through the platform. Bright Spaces represents progressive technology and ideology within the real estate space which aligns perfectly with the core values of InteRo. Through this partnership, InteRo will be adding a key piece to its technology stack, becoming technologically progressive today and being well-positioned for further advancement in the future”.

Bright Spaces is a European Venture Backed PropTech startup that offers a complete digital showcasing and commercializing solution for office and residential spaces. By using 3D visualization, digital space availability, and various automation, optimization and digitalization features in the leasing or selling process, Bright Spaces aims to increase the number of relevant requests and to foster commercial agreements in these segments.   

Read also:
FORTIM Study: Austria is the largest commercial real estate investor on the Romanian market

Austria is the first on the top of the investors which have chosen commercial real estate in Romania last year, amounting to about a third of the acquisition total, according to Fortim, Alliance Member of BNP Paribas Real Estate. The Czech Republic and Hungary rank on the second and third position.

In 2021 Austrian companies have bought real estate assets – office and retail space amounting to a total value of EUR 323 million, the second place being occupied by Czech investors, with a total of EUR 173 million and on the third place – investors from Hungary, with EUR 150 million. During the first months on this year, the Czech and Hungarian investors have remained on top.

The transactions with commercial assets in Romania amounted to EUR 919,45 million in 2021, which represents the third historical place (after the maximum of EUR 1.038 million in 2008 and 1.006 million in 2018). At European Union level the investment in commercial real estate in 2021 have increased by15% as compared to the previous year, reaching EUR 270 billion – as a before-pandemic level.

“Both in Romania and in the European Union we can see an increase of the activity of local and regional investors, unlike those from the Middle-East, Asia and the Pacific which are not that active anymore (due to the pandemic). The investors from the Middle-East, Asia and the Pacific have represented only 8% in Romania, versus 20% in 2019, before the pandemic.  At European Union level, the investment in these regions have also dropped to 15% of the total in 2021, versus 22% in 2019“, said Bogdan Cange, Managing Partner – Business Development at Fortim T.A., Alliance Member of BNP Paribas Real Estate.

·        The investment in this stage of development reaches 30 M €
·        The total GLA reaches 53,500 sqm
·        In the current geopolitical context, Colosseum Mall is donating the marketing budget initially allocated to the launch events to the Romanian Red Cross, in order to support the “Humanity has no borders” campaign

On 24th of March, Colosseum Mall officially opens to the general public, the new building with the assigned commercial spaces, marking on this occasion the completion of Bucharest’s most important retail development in the recent years.

Dozens of local and international famous brands are welcoming their customers with the latest concepts of stores and restaurants in the North-West Bucharest, an area where the residential segment has been developing at an accelerated pace in recent years.

“I am pleased to publicly announce the inauguration of Colosseum Mall and of the new shopping spaces which are long expected by our customers. The whole team put a lot of passion and effort into this project and we are glad that we managed to bring in the stores already present in the location, the new important brands which well-known at the local and international level. We have achieved this development in a difficult period, marked by the effects of the Covid 19 pandemic and the unpredictable geopolitical context, but we are optimistic about the success and the role that Colosseum Mall will have on the retail market in Bucharest. As the responsible actions are part of the company’s values, we decided to donate the budget initially allocated to the inauguration marketing activities, to Red Cross Romania, in order to contribute to the volunteer activities whose aim is to help vulnerable people,” says Mihai Dinu, General Manager Colosseum Mall.

The new brands are accessible to a frugal, yet sophisticated buyer who will discover an elegant space for shopping and meetings with friends and family in the Colosseum Mall.

The brands which will be joining this expansion stage are Sinsay, part of the Polish group LPP, which opens in Colosseum Mall the largest store in Romania, New Yorker, CCC, Deichmann, Smyk All for Kids, Noriel, Stay Fit, with the brand’s largest fitness center in Bucharest, Colin’s, 4F, Douglas, Teilor, English Home, Ac & Co, Mumuso, Optiblu, Nala Cosmetics, Helpnet, City Flowers, Fun Planet, Magic Casino, Superbet Premium Store, KFC, Dristor Kebab, Noodle Pack, Mesopotamia, So! Coffee, Vibe Cafe, Uncle John, All For Six, Bunătăți Ardelenești, Restaurant Presto, La Galleria, Inmedio, Xpressions Beauty & Body Care.

In the next 12 months, Colosseum Mall will host Happy Cinema multiplex with 7 high-end projection rooms, a clinic with medical services, as well as a series of other fashion brands and accessories such as House, Cropp, Splend’or, Penti, Kanel cofectionery and others.

The inauguration of Colosseum Mall will also generate a considerable number of jobs. In addition, the developer is pursuing its planned business objectives and will develop other projects, such as the first drive-thru concept in the location and the construction of the first residential project.

At the beginning of the year, real estate developer Speedwell together with Belgium based Baltisse and AYA Properties Fund have concluded the transaction for the sale of RECORD PARK Offices. The components, subject to this transaction structured as a share deal, are valued at EUR 35 million and combine 15,000 sqm of A-class office and retail spaces (including a historical refurbished building) and 2,000 sqm stand-alone sports center with pool.

Țuca Zbârcea & Asociații acted as Romanian legal advisors to AYA Properties Fund, a Belgian based real estate investment fund with focus on AAA-locations in South-Eastern Europe, with a mixed team of M&A and real estate lawyers under the coordination of Dragoș Apostol, Partner (on the transaction side), together with Oana Ureche, Partner, Amalia Dumitru and Ioana Mărculeț, Managing Associates (on the due diligence side).

“We are very pleased and proud to have acquired the Class A office part of RECORD PARK, a mixed-use development in Cluj, Romania. Given it’s AAA location, quality tenants and BREEAM certificate, the project becomes a prime asset in our portfolio”, says Simon Synaeghel, Investment Manager at AYA Properties Fund.

Also, Țuca Zbârcea & Asociații advised Revetas Capital in relation to the disposal of Vitantis Shopping Center to Praktiker Real Estate Romania. The firm’s real estate lawyers led by Partners Oana Ureche and Răzvan Gheorghiu-Testa advised the seller on all legal aspects that were incident to the transaction.

The deal marks the completion of a successful repositioning and revival of the retail scheme into a large-scale neighbourhood power centre focused on home, convenience and grocery products, with long-term leases secured by well-established domestic and international retail operators.

“Vitantis Shopping Center was one of most ambitious investment exercises we undertook in 2014 and a showcase of a successful turnaround of a “first generation” shopping center located in one the most competitive submarkets of the Romanian capital city. During the holding period, we navigated one of the most challenging decades for retail as an asset class, additionally intensified by the dynamics of the following economic downturn initiated by the Global Financial Crisis and the massive traffic and operational restrictions imposed by the COVID-19 pandemic”, explains Radu Boitan, Head of Investments at Revetas Capital.

Țuca Zbârcea & Asociații has a strong real estate team advising investors and developers, asset and property managers, financial institutions/banks, energy investors, major retailers, engineering, construction and infrastructure companies and public authorities. The firm is a three-time winner of the “Law Firm of the Year in Real Estate” Award from CIJ magazine (Central & Eastern European Construction & Investment Journal) and is also highly rated by all international legal directories (Legal 500, Chambers Europe etc) as regards its expertise in real estate and construction matters

GTC, one of the leading real estate companies in Central and Eastern Europe, announces the leasing of 1,618 square meters, located in two of its emblematic projects in Bucharest, City Gate and Premium Plaza. Also, the developer extended the lease contracts with other two companies that together occupy  1,510 sq m of office spaces, in City Gate.

The end of 2021 was a fruitful period for GTC Romania that welcomed 3 new tenants in the City Gate Project including ZIM Integrated Shipping, an international cargo services company, and  Bachmann Romania, a company that operates in the electrical engineering sector and is present in 7 countries across Europe. The new tenants will move into their new offices in the first quarter of 2022.

“Romania is an important market for Bachmann. After opening our first showroom in London in November 2021, we decided to replicate the concept in Romania. We are confident that the location we selected in City Gate – owned by GTC, with whom we have a solid partnership – will help us promote our business and our capabilities,” stated Răzvan Dumitrache, Country Manager Bachmann Romania.

The last quarter of 2021 was a good period not only for signing new partnerships for GTC, but also for consolidating relationships with previous tenants. One of the biggest global home appliance producers, Miele, signed a five-year lease extension for its 614 sq m space in City Gate South Tower, where the company has a showroom.

“We have been partners with GTC for 8 years and we were grateful for the good collaboration, so the extension of the lease is definitely a reason to celebrate the trustful partnership,” stated Dragos Grigore, Miele Romania.

Also, Keyence, a leading supplier of sensors, measuring systems, laser markers, microscopes, and machine vision systems worldwide, is another company that decided to extend with 5 years the lease for the 380 sq m office spaces occupied in City Gate – South Tower.

Premium Plaza, located in Victoriei Square, also welcomed a new tenant, which signed an agreement for 516 sq m, and will move in February 2022 to their new offices. The company is part of a global healthcare group offering high-quality products and services.

“I am very pleased because not only that we have managed to keep our tenants close, but we have set the basis for what I hope to be strong and long partnerships. I believe these signings are a signal that the market is recovering, and that the companies and their employees are coming back to offices, even if the way we work has changed. Also, for GTC, it is also a sign of renewed tenant interest in healthy and modern class A office spaces, adapted to ESG norms, that respect the environment and ensure a safe working environment for the people, especially in this period. GTC proved again that it is not only a building owner or developer, but a true partner for its tenants and I am grateful to all our Romanian team and partners for this new accomplishment,” stated Ziv Gigi, Managing Director of GTC’s operations Romania.

The fact that the office market is constantly growing,  is also shown by the latest global study Deloitte 2022. According to the quoted source, the representatives of the companies in the commercial real estate sector (commercial spaces, business centers and offices, logistics spaces) estimates, in a proportion of 80%, an increase of revenues this year compared to 2021, and 73% expect the intensification of transactions in the field in the next 12 months.

MASTERBUILD – General Contractor & Developer announces the start of new investment, in a logistics park of over 16,000 sqm, on a land area of ​​34,000 sqm, located North of Bucharest, in Butimanu – Dambovita area, with direct access to DN1A.

The investment value amounts to approximately 20 million euros and the new logistics park will take over the increased market demand for industrial and storage spaces with special thermal conditions, requested especially by the consumer goods industries (meat, dairy, vegetables, fruits) but also by the pharmaceutical industry or other sectors active in the field of perishable goods.

The project, a Build-to-Suit development, will benefit from class A construction standards, with a hall height of up to 14m and sustainable construction elements, for utility consumption and on-site maintenance costs optimization. The project is equipped with photovoltaic panels and an extensive ultra-light green roof, which will save up to 30% of the energy and maintenance costs.

The office areas within MASTERBUILD LOGISTIC PARK will also be class A, operated with an automated management system (BMS – Building Management System). In terms of sustainability, the project will be BREEAM (European Sustainability Certification System) certified and construction will begin in the second half of this year.

“There is a growing demand on the market for the segment of controlled temperature spaces and the area between Bucharest and Ploiesti, where the new logistics park is located is very effervescent, with many agribusinesses and food processors active in the area,” says Stefan Vayna, CEO of MASTERBUILD – General Contractor & Developer.

MASTERBUILD – General Contractor & Developer is a construction and logistics development company, active since 2005 both in the segment of industrial constructions and commercial and residential projects. The company operates both in Romania and in international markets.