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Romanian real estate transactions in 2012 showed an increase over the previous year

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During the previous year, the real estate transactions level  increased in Romania and reached 340 million EUR (with over 20 million EUR more than in 2011).

Bucharest claims almost a half of this total amount whereas the remaining amount has been invested in towns such as Timisoara,Sibiu,Brasov or Pitesti.

The most important real estate transactions in 2012 – the office market.

According to Mediafax  (one of the most important Romanian media company ),last year the dominant real estate sector was the office space, which ended trading almost 160 million EUR reaching a percent  47% of total amount invested .

The projects that were the subject of a direct acquisition coming from investment funds were a series of office spaces in Timisoara ( City Business Center  – acquired by New Europe Property ) and the HQ Victoria Business Building  in Bucharest ( acquired by the Greek investment group Zeus Capital Partners )

The North part of Bucharest has suffered a fast and continuous development and succeeds in drawing new investors in 2013 as well. During the past few years , five  office buildings were built on Barbu Vacarescu and Floreasca  Boulevard :Euro Tower, Lakeview,Floreasca Business Park,Nusco Tower and SkyTower ( the highest civil building in Bucharest counting 137 meters and 37 floors ).

SkyTower represents the newest office building in the area and the project was conducted by Raiffeisen Property International , representing an investment of over 100 million EUR.Once the construction was finalized in December last year,the Bucharest office market has added  41.200 square meters to it’s on growing stock.

Raiffeisen Bank Romania has already rented six floors in this magnificent office tower on Barbu Vacarescu Boulevard and 2300 Austrian bank employees will start working here beginning with the month of March 2013 .

The tower represents a part of the Business Park Floreasca City Center ,standing next to the office building Floreasca Office and Promenada Shopping Center ( a shopping mall of over 55.000 square meters ).The costs for rising  the 3 buildings has reached over 250 million EUR.

 

Article published in Biz Magazine , March 2013

 

 

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