Hagag Development Europe

Eldrive Romania celebrated the opening of its new office alongside partners
Eldrive Romania celebrated the opening of its new office alongside partners 899 600 BUCHAREST REAL ESTATE CLUB

The companies part of Renalfa Solarpro Group, Renalfa, Solarpro, Toki Power Romania and Eldrive Romania, celebrated the opening of their new office alongside partners.

On May 13, the Romanian teams of the RSG celebrated the opening of their new office of approximately 750 sqm in Oregon Park, Bucharest, through an event dedicated to collaboration, networking, and strengthening relationships with partners and guests from various industries.

The program included a series of speeches delivered by representatives of the four companies sharing the new office space.

Konstantin Nenov, Founder of Renalfa Group, opened the speeches by highlighting the long-term vision behind the ecosystem formed by Eldrive, Solarpro, Renalfa, and Toki Power Romania, as well as the importance of innovation and strong partnerships. “Our business mentality is that we bet on very long-term relationships. We grow together, we develop together, and we innovate together,” he said.

George Tecușan, Country Manager of Renalfa Romania, continued by emphasizing the importance of collaboration, partnerships, and the people behind the group’s strategic objectives.

“We are innovators, but we need an ecosystem to thrive and to develop. This journey cannot be done alone,” he said.

He also thanked the partners and stakeholders present at the event for their trust, support, and contribution to the group’s development in Romania.

In his speech, Stefan Spassov, CEO of Eldrive, highlighted the strategic importance of Romania for the company and the rapid evolution of the country’s EV charging infrastructure. He emphasised Eldrive Romania’s milestone of reaching 1,000 charging points nationwide and outlined the company’s plans to continue investing in stronger and more reliable charging infrastructure, new high-performance charging hubs tailored to the Romanian market, and future-ready solutions for electric trucks and heavy-duty vehicles.

“Romania is not simply another market for Eldrive, it is a strategic priority and a country where we strongly believe in the long-term potential of e-mobility,” said Stefan Spassov.

Kamen Nedyalkov, Country Manager of Solarpro Romania, emphasized the importance of collaboration and strong partnerships in supporting the company’s projects and long-term ambitions in Romania. He also highlighted Solarpro’s commitment to delivering projects on time and at the highest quality standards.

“This is just part of the way we are being ambitious to develop the market here and to grow together with our partners,” he said.

Aurel Mindrican, Country Manager of Toki Power Romania, spoke about the company’s role within the wider Renalfa Solarpro Group ecosystem and its focus on optimizing the commercial operation and performance of production and storage capacities.

“For Toki Power Romania, the priority is the commercial operation and performance optimization of the production and storage capacities of both our partners and the Renalfa Solarpro Group,” he stated.

Camelia Popescu, Country Manager of Eldrive Romania, spoke about the journey of the local team and the importance of collaboration in accelerating the transition to electric mobility.

“This new office represents much more than a physical move. It reflects who we are becoming as a company: a place where ideas grow, partnerships strengthen, and innovation happens,” she said.

The companies also extended their thanks to Lion’s Head, the owner and operator of Oregon Park, for hosting the new shared office space.

Following the official session, guests had the opportunity to discover the new office and continue the discussions during a networking lunch focused on future projects, collaboration opportunities, and the continued development of sustainable mobility in Romania.

We would like to thank everyone who joined us for this special occasion, and we look forward to continuing to build ambitious and sustainable projects together.

West Group launches the KronenPark Residences brand, announces four residential projects in Romania and Germany, and targets a turnover of 75 million euros in 2026
West Group launches the KronenPark Residences brand, announces four residential projects in Romania and Germany, and targets a turnover of 75 million euros in 2026 900 600 BUCHAREST REAL ESTATE CLUB

West Group, a real estate developer operating on a German business model, is announcing a major milestone in the consolidation and development of its portfolio. The residential complex previously known as iResidence becomes KronenPark Residences. The rebranding follows West Group’s full acquisition of the project and its integration into the portfolio of developments the group is building under the Kronen brand.

The new identity marks the group’s commitment to the clients who have trusted the project from the very beginning and reaffirms the promise to deliver homes to the highest quality standard in the northern area of the capital. Simultaneously, West Group is announcing four residential projects under development in Romania and Germany and a consolidated projected turnover of ~75 million EUR for 2026.

The rebranding reflects a long-term portfolio strategy. West Group is simultaneously developing KronenPark Residences in Pipera, a boutique project in Cotroceni, multi-family vacation homes in Sinaia, and a residential project in Offenbach (Frankfurt), the city where the group also has a subsidiary.

„The market is maturing and buyers are making the distinction between a project and a product. KronenPark Residences is a product with a technical standard, a services ecosystem and a brand identity that we can replicate in every future development. This is the Kronen promise”, said Dan Crăciunescu, founder of West Group.

The announcement comes at a time when Bucharest’s residential market is going through a phase of maturation and consolidation. New apartments in the capital have risen in price by 24% over the past year, and estimates point to over 20,500 new homes in Bucharest and its surroundings in 2026. The northern area remains the primary development hub, with over 8,500 units in the pipeline. In this competitive landscape, buyers are becoming increasingly selective and favour well-built, energy-efficient projects with multiple amenities.

KronenPark Residences – 45% reservations in the first phase, accelerating demand

Developed on a 23,000 sqm plot in the Pipera – North Bucharest area, the project comprises 547 apartments across 8 buildings, with 57 typologies , ranging from studios to panoramic penthouses and apartments with private gardens. The first phase (273 homes) has a reservation rate of 45%. Of these, 5 percentage points were added in just three weeks, signalling a significant acceleration in demand as the project gains visibility and progresses in construction.

The construction site is progressing on schedule. The structure is fully completed. Reynaers aluminium exterior joinery with triple-pane thermal insulation glazing has been installed on all buildings. Interior partitioning is complete in building B3 and nearing completion in buildings B1 and B2. Facade installation will begin on May 18, 2026. Electrical, HVAC, sanitary, and thermal installation works are underway.

KronenPark Residences integrates smart-home infrastructure, a BMS system for energy consumption optimisation, valet parking, 24/7 reception, a secured parcel area, property management and concierge services. Vehicle circulation is exclusively underground. The project features 810 parking spaces across two levels, EV charging stations and bicycle parking. At ground level, a 15,000 sqm private park is planned, the largest in the area, with a promenade, cycling and jogging track (~500 m), a multi-purpose sports court, a wellness area and pet-dedicated spaces.

Hybrid Working Accelerates the Rise of Flex Office
Hybrid Working Accelerates the Rise of Flex Office 900 600 BUCHAREST REAL ESTATE CLUB

As the way we work shifts from traditional to decentralised models, Flex Office solutions are gaining significant ground — whether through coworking operators or landlord-led flexible offerings. This is one of the key conclusions of THE NEW DESIGN OF WORK, the office conference organised on 6 May by Bucharest Real Estate Club and Romania Property Club.

Data from iO Partners highlights a diversification of occupancy strategies, identifying five distinct working models adapted to the new economic realities. “While the Office Centric model assumes office presence of up to 75% — with a strong 70% focus on individual work — the market is witnessing a paradigm shift among organisations with lower utilisation rates. Companies recording office presence below the 30–45% threshold are already transitioning towards flexible options, optimising space by adjusting the sharing ratio and prioritising social interaction over static workstations,” explains Laura Ene, Senior Consultant, Tenant Representation, iO Partners. On the rents side, iO Partners data shows that in Bucharest rates range between €15–22 per sqm per month, while in regional centres — Cluj-Napoca, Timișoara, Iași and Brașov — they sit between €12.5 and €17 per sqm. The lowest vacancy rate is recorded in Brașov at 6.7%, while Iași leads at 13.3%; Bucharest stands at 10.3%. Between Q1 2025 and Q1 2026, approximately 300,000 sqm were transacted in Bucharest and 51,000 sqm in regional centres, with Cluj-Napoca, Timișoara and Iași being the most active markets.

Vastint is currently developing the largest office construction site in Bucharest — the second phase of Timpuri Noi Square, spanning 60,000 sqm. “The new building is designed as a landmark project that eliminates fossil fuels and relies entirely on renewable energy sources, including 1,700 sqm of photovoltaic panels, heat pumps and geothermal wells. Our goal is to achieve LEED Platinum certification at the highest level — above 100 points. Phase 2 also introduces an expanded retail mix, including New Tales — a unique concept set to combine a diverse food and beverage offer with cultural services across approximately 6,000 sqm,” says Maria Badea, Senior Leasing Manager, Vastint Romania.

CPI Property Group Romania manages an office portfolio of 280,000 sqm, representing 8% of Bucharest’s modern stock. The portfolio has been significantly strengthened through the expansion of medical and healthcare assets — buildings such as Iride Eighteen, myhive Victoria Park and Băneasa Airport Tower have been partially or fully converted into medical spaces, now hosting private healthcare operators including Provita, Leventer Medical Group and Regina Maria. “For us, this move not only diversified our tenant mix, but also increased stability and predictability, improved utilisation rates in a hybrid working context, enhanced asset value and occupancy — and, not least, created a clear differentiation from the competition,” explains Andreea Cotigă, Head of Leasing Office, CPI Property Group Romania.

The concept of coworking and flexible office spaces has evolved considerably — from being primarily associated with startups and freelancers to gaining broad adoption among large enterprise companies. “Flexible office spaces and managed offices are becoming an increasingly common choice for companies at a certain stage of their evolution, when the need for adaptability and scalability becomes essential. These solutions allow them to avoid long-term lease commitments, optimise fixed costs and integrate flexibility as a strategic component of their real estate portfolio — not merely a temporary fix,” says Andreea Birladeanu, General Manager, Mindspace Romania, one of the leading players in the flexible workspace market, operating two major hubs in key areas of Bucharest: Mindspace Business District in the Dimitrie Pompeiu area, and Mindspace Victoriei in the central zone.

Ana-Maria Nemțanu, Director of Leasing, Hagag Development Europe, adds: “We are seeing sustained demand for boutique office spaces, particularly in premium central locations where accessibility, design quality and the amenities mix play an essential role in occupancy decisions. Flexibility and service integration are becoming increasingly relevant criteria for tenants, which sustains strong interest in fully serviced private office concepts. A clear example is H Private Arghezi, our business centre in the CBD, which reached 89% occupancy in April, supported by a retention rate of nearly 95%. At the same time, we are observing a natural growth path among tenants, with some migrating from serviced spaces to conventional areas within our portfolio — confirming both the appeal of the product and the importance of services and long-term relationships.”

 

2026 Trends with Yitzhak Hagag, Hagag Development Europe
2026 Trends with Yitzhak Hagag, Hagag Development Europe 617 600 BUCHAREST REAL ESTATE CLUB

10.02.2026

 Yitzhak Hagag, Co-founder and Chairman, Hagag Development Europe

What are your company’s business targets and plans for 2026?

This year, our attention focuses both on accelerating growth across our core real estate segments, and on advancing strategic diversification initiatives in the energy field.

When it comes to commercial real estate, we are targeting a strong double-digit increase in rental income portfolio-wide. We are very optimistic about this forecast which is supported by last year’s results, improved occupancy, active asset management, maturation of stabilized properties and our recent deliveries in Q4 2025.

On the residential segment, our objective is to reach a pre-sale volume of at least 75–78% by December 31st, 2026, reflecting continued confidence in demand for our projects and a disciplined approach to sales pacing and pricing.

Looking ahead, we are progressing as planned with our hotel developments, which remain a key pillar of our medium-term growth strategy. At the same time, we are actively working to unlock at least one of the planned investments in Bucharest, while continuing to evaluate new acquisition opportunities that would support our further expansion at a national level.

We see 2026 to be an important year for our company’s evolution beyond real estate development, considering our strategic cross-industry diversification move and the newly established energy division – Hagag Energy – where we are currently focused on scaling operations and building a solid presence on the local energy market, in line with our broader strategy of long-term value creation.

What were the main business results for 2025?

Last year, our company registered strong performance across its key business lines. Rental income from office and retail spaces increased by approximately 32% compared to 2024, reflecting improved occupancy and commercial performance.

On the residential side, our two projects currently under construction, H Pipera Lake and H East Residence, recorded solid sales momentum. Throughout 2025, we signed a total of 398 pre-sale agreements and 79 reservation contracts for the 728 apartments now in execution. As a result, sales reached about 65.5% of the total available stock, confirming sustained demand and strong market absorption.

These results confirm that our investment and development strategy is sound, well-positioned, and sustainable over the long term.

What economic pressures (e.g., inflation, interest rates, work force issues) or regulatory and fiscal changes do you anticipate impacting the market in 2026, and how is your company preparing for them?

Considering the latest events, we anticipate several economic and regulatory factors that may impact the real estate market in 2026 and beyond.

Inflationary pressures and elevated interest rates are expected to continue influencing construction costs, financing conditions, and overall affordability. While inflation is likely to moderate, the cost of materials and labour may remain volatile. In parallel, workforce shortages in construction and specialized services could put additional pressure on delivery timelines and costs.

From a regulatory and fiscal perspective, we are closely monitoring the potential for changes in taxation, urban planning regulations, and permitting procedures, as well as possible adjustments to incentives affecting residential buyers or hospitality operators. Any increase in fiscal burden or administrative complexity could impact investment timelines and pricing strategies.

To prepare for these challenges, our company is focusing on maintaining a balanced and resilient portfolio across residential, commercial, and hotel assets, optimizing project phasing, and securing flexible financing structures. We are also prioritizing cost control, long-term partnerships with contractors and suppliers, and conservative underwriting assumptions. At the same time, we continue to align our developments with strong sustainability, efficiency, and mixed-use principles, which we believe will remain key drivers of demand and long-term value in the local real estate market.

What do you see as the main risks for the Romanian real estate market in 2026?

There are several key risks that could affect the industry. Macroeconomic uncertainty remains in focus, particularly if related to the pace of economic growth, inflation control, and the trajectory of interest rates. Prolonged high financing costs could continue to weigh on residential affordability and slow investment decisions, especially for leveraged developers and end buyers.

A second significant risk is cost volatility and capacity constraints in the construction sector. Fluctuations in material prices, combined with persistent labour shortages, may lead to budget overruns and delays, putting pressure on project margins and delivery schedules.

From a structural perspective, regulatory unpredictability represents an ongoing concern. Sudden changes in fiscal policy, taxation, zoning rules, or permitting processes could negatively impact project feasibility and investor confidence.

Additionally, demand-side risks should not be overlooked. A slowdown in consumer confidence or purchasing power could affect residential sales velocity, while shifts in how companies use office space and how tourists travel may influence absorption in the commercial and hospitality sectors.

Overall, while fundamentals in Romania – particularly in Bucharest and other main cities in the country – remain solid, navigating 2026 will require disciplined risk management, financial flexibility, and a strong focus on product quality and market relevance.

Where do you see the most attractive opportunities for growth in 2026?

We are currently paying increased attention to residential and hotel developments, both in Bucharest and regional cities with strong economic and demographic fundamentals.

In the residential segment, demand is expected to remain resilient for mid- to upper-mid market projects that offer good locations, efficient layouts, and strong energy performance. In Bucharest, areas that offer a good infrastructure and access to employment hubs continue to raise opportunities, particularly for phased developments that allow flexibility in delivery.

Similar, the hotel segment offers compelling opportunities driven by the continued recovery of business and leisure travel. In the capital-city, we see growth potential in well-branded or lifestyle hotels that address the needs of business travelers, extended stays, and city-break tourism. When talking regional cities, opportunities are emerging in undersupplied markets with growing corporate activity, medical tourism, or strong cultural and leisure appeal, particularly where quality international-standard accommodation remains limited.

Across both these segments, we believe that projects integrating sustainability features, refined aesthetics, prime facilities, and mixed-use elements will outperform, as end users and operators increasingly prioritize operating costs, comfort, and long-term value. Overall, disciplined site selection, product differentiation, and alignment with real demand drivers will be key to capturing growth in 2026.

BREC Residential Conference: 43% increase in prices for new apartments in Bucharest in the last two years
BREC Residential Conference: 43% increase in prices for new apartments in Bucharest in the last two years 900 600 BUCHAREST REAL ESTATE CLUB

18.09.2025

Prices for new housing units continue to increase in Bucharest, with data for H1 showing a 43% increase compared to the same period in 2023, respectively 14% compared to the previous year, according to an Imobiliare.ro analysis presented at the BREC RESIDENTIAL CONFERENCE event, organized on 18th of September by BREC.

The data reflects the strong discrepancy between the solid demand in the city with the highest salaries in Romania and the new supply, which has been continuously decreasing in recent years. “The quality of life in Bucharest is closely linked to access to new housing, with affordable prices and a diversified offer, in areas with modern infrastructure. We are relaunching a call for dialogue with local authorities regarding the regulation of real estate development in Bucharest, as well as harmonization with Ilfov County,” says Despina Ponomarenco, President of BREC.

The VAT increase brought new price increases. “The average price per usable square meter reached 2,258 Euros in July, respectively 2,284 Euros in August for Bucharest. The capital is ahead at the national level of cities such as Cluj-Napoca and Brașov, where the average prices for new housing are 3,139 Euros/square meter, respectively Brașov with 2,538 Euros/square meter,” says Răzvan Ionescu, CCO, Imobiliare.ro. He mentions that the price level increases significantly when we talk about well-developed areas. A new apartment, located semi-centrally, 15 minutes walk from a metro station, is traded on average for 2,600 Euro/sq m in Bucharest.

Investors present at the conference reconfirmed the opportunities that Bucharest has, but at the same time they are also looking at other cities in Romania.

Hagag Development Europe, an investor recognized for its appetite for consolidating and modernizing heritage buildings, continues to invest in residential projects in Bucharest and the metropolitan area: H East Residence and H Pipera Lake. At the same time, the investor announced that it is determined to turn its attention to other cities, considering Brașov, Cluj-Napoca and Timișoara.

AFI Romania, part of the AFI group, launched this year AFI Home North, its first Build to Rent project in Romania, in the business area of ​​Bucharest. “We are delighted with the evolution of the project and the way it was received by the market, reaching an occupancy rate of 70% in just a few months. We continue in 2026 with the second building, with 164 apartments, on Dimitrie Pompeiu Boulevard 5E, and we are expanding the concept to other areas of the Capital, namely Cotroceni,” says Luciana Giurea – Roșca, Head of Residential, AFI Romania.

In the first half of 2025 HILS Development accelerated the delivery of apartments from projects under construction and announced the full sale of apartments from the HILS Pallady and HILS Splai projects.  “Following the developments in the East part of the city, we are targeting new areas for expansion and our first project to be soon launched is in Pipera”, said, at the BREC event, Andrei Ciobotaru, the company’s Business Development Manager.

Veolia România, through its local ecosystem of companies, follows an approach that focuses on reducing carbon footprints, reusing resources and minimizing their usage and consumption, and enhancing cost efficiency. The GeoExchange solution can enable real estate developers to achieve stringent ESG benchmarks and attract green financing. Anca Călimăneanu, Project Manager, Energy Efficiency, Veolia Romania: “The solution harnesses shallow – ground geothermal energy in conjunction with high-efficiency heat pumps to provide heating*, cooling and domestic hot water, significantly lowering CO2 emissions, often up to 90% compared to conventional systems.”

InteRo Property Development, a family office focused on real estate development, is working on large residential investments, such as SkyLight Residence, Pajurei 3 Residence or SunLight Residence. The major urban regeneration development near Obor, on the former Aversa platform, – SkyLight Residence- involves the complete revitalization of the neighbourhood. “We see a more educated client, paying attention to an increasing number of criteria when choosing a new home” said Alexandra Dumitrescu, Sales Manager, during the BREC event.

HILS Development Launches LIFE@HILS Social Responsibility Platform and Announces Impactful Initiatives for Sustainable Urban Development
HILS Development Launches LIFE@HILS Social Responsibility Platform and Announces Impactful Initiatives for Sustainable Urban Development 900 600 BUCHAREST REAL ESTATE CLUB

HILS Development is launching the Life@HILS social responsibility platform and announcing its support for impactful initiatives in the social, educational, and environmental spheres, derived from the company’s mission to build responsibly and transform communities. HILS Development’s social responsibility projects are structured around four essential pillars of urban development: environment, education, social solidarity, and business ethics. Throughout 2025, HILS’s social responsibility efforts will be carried out in partnership with strategic allies such as Save the Children Romania, the Văcărești Nature Park Association, and UrbanizeHub.

“HILS Development has the creation, transformation, and development of new urban communities in its DNA. Over the past years, we’ve been consistently involved in the life of the new communities formed within our residential projects, as well as in supporting social and educational causes relevant to our community members. We are pleased to launch Life@HILS today, a social responsibility platform that reflects both our long-term vision for the development of the Capital and a model of active engagement for each of us, as residents of Bucharest. We are running and supporting impactful projects across the four key pillars of HILS’s strategy—environment, education, social solidarity, and business ethics—initiatives tailored to the current needs of Bucharest’s residents,” says Iulia Iana, Marketing Director at HILS Development.

Among the community projects supported by HILS are:

  • “Safe Communities for Parents and Children in the Digital Age” – a series of conferences for parents in Bucharest, organized by Save the Children with the support of HILS Development, as part of the “Ora de Net” program.
  • “Bucharest, the Parents’ City” – an initiative by HILS Development to understand the needs of parents in the Capital and how parent-friendly the city is perceived to be. Together with UrbanizeHub, discussions will be held on May 27 about the identified needs and how we can transform the city into a more suitable space for parents and children.
  • “Explorers in the World of Evening Butterflies” – the first event dedicated to the HILS community, organized in partnership with the Văcărești Nature Park Association team, will take place on the evening of May 26, at HILS Brauner.

Hagag Development Europe signs operating agreement with Radisson Hotel Group for its first hotel development in Bucharest
Hagag Development Europe signs operating agreement with Radisson Hotel Group for its first hotel development in Bucharest 763 600 BUCHAREST REAL ESTATE CLUB

H Vasile Lascar to become the first Radisson RED in Romania – Radisson RED Bucharest Old Town – following an over EUR 13 MLN investment

Real estate investor-developer Hagag Development Europe consolidates its operations in Romania by expanding its presence to the hospitality segment. The company has selected Radisson Hotel Group as operator for its first hotel development in Bucharest, to open under the Radisson RED brand, and started the permitting procedure to revamp and repurpose its property on 5-7 Vasile Lascar Street, in central Bucharest.

This project will be developed following an over 13 million EURO investment, and involves the transformation of an office building dating back to the 1940s. Historically serving as the offices of the Institute of Hydroelectric Studies, the old office maze will be fully renovated and redesigned to provide 104 guest rooms in the historic Old Town area, offering guests a unique blend of modern amenities and historical charm.

“We have a lot of trust in the local hotel market and we believe that there is no better partner than Radisson Hotel Group to support our vision of transforming H Vasile Lascar into a lifestyle destination that will not only enhance our property’s value, but will revive one of Bucharest’s most elegant neighbourhoods. Our ambition is to offer stylish hotels with modern design and meaningful experiences, at a fair price, and we are delighted to see our properties being associated with one of the largest international hotel chains.”, Yitzhak Hagag, Co-founder and Chairman of Hagag Development Europe, stated.

The new Radisson RED Bucharest Old Town will be the first Radisson RED property in Romania and in Bucharest, which the Group has identified as a key city for growth.

Radisson RED Bucharest Old Town will boast a restaurant and bar, a lobby incorporating a co-working lounge and an outdoor terrace, and versatile meeting spaces. A multipurpose room, together with the pop-up venue on the fifth floor, will cater to meetings, events, product launches, and social functions. Additionally, guests will have access to a fitness area, ensuring a comprehensive hospitality experience.

HAGAG DEVELOPMENT EUROPE adds new mixed-use project to its local portfolio: H HERĂSTRĂU PARK
HAGAG DEVELOPMENT EUROPE adds new mixed-use project to its local portfolio: H HERĂSTRĂU PARK 763 600 BUCHAREST REAL ESTATE CLUB

The company has recently signed a partnership agreement with Niro Investment Group and acquired 50% of the multifunctional building located on 23-25 Ghețarilor Street

Real estate investor-developer Hagag Development Europe has recently signed a partnership agreement with Romanian investment group Niro Investment Group for the acquisition of 50% of the multifunctional building located in the proximity of Herăstrău Park, on 23-25 Ghețarilor Street. In addition, the company exclusively took over the operating and management activities for the entire building.

The property returns to the market under Hagag’s brand, and will be officially known as H Herăstrău Park. With this new portfolio addition, Hagag Development Europe extends its current offer with over 6,800 square meters of office and retail space.

H Herăstrău Park enjoys a gross built area of approximately 10,000 square meters displayed across a high regime of 1UGF + GF + 4F, with a leasable area of over 6,800 square meters comprising retail space on the ground floor and office on the upper levels, to which about 100 underground and above-ground parking spaces are added.

“H Herăstrău Park marks two important milestones for our company: on one hand, we are consolidating our current offer in terms of office and retail space, and, on the other hand, we are expanding of our presence towards the northern part of Bucharest, beyond the residential projects currently under development in the area. We are excited about this new transaction and about adding to our portfolio a new mixed-use project that will help us respond better to the growing demand in the market.”, said Yitzhak Hagag, Cofounder and Chairman of Hagag Development Europe.

Over the upcoming months, the building will undergo a light refurbishment process focused on revamping all common areas, and will be welcoming its first tenants beginning of July 2025. 18% of the available office space has already been leased, with the developer’s leasing team currently in advanced discussions to rent out over 2,500 square meters of office and retail space. The company estimates an occupancy rate of at least 70% by the end of this year.

“We feel honoured for the trust that our partner has invested us with, and confident about the evolution of this collaboration, just as we are optimistic about the positive dynamics of the leasing activities. Our forecast shows that by the end of this year we will be reaching an occupancy rate of at least 70% for the entire building.”, Yitzhak Hagag added.

Start Typing