Business Review

Jones Lang LaSalle, a real estate consultancy, believes that Romania is still attractive for investors, especially in the agriculture and light industry sector. The company assisted The Toro Company in buying land for their production unit in Ploiesti West Park.

Ovidiu Posirca

The poor prospects of the Romanian real estate market have led local firm Octagon Contracting & Engineering to expand its operations abroad. Alexandros Ignatiadis, managing director and co-founder of the firm, told BR about the company’s plans for its recently established subsidiary in Iraq as well as its latest investments in Romania.

Simona Bazavan

The 11^th edition of Realty, the Romanian Forum on Real Estate Market, will take place November 2^nd at Willbrook Platinum. This edition will bring into the spotlight the market of offices, retail and industrial spaces.

German restaurant chain Wienerwald opened its second Bucharest location in the Floreasca area of Bucharest. A new outlet will be opened in a few weeks in Sun Plaza mall in Bucharest and the company announced it would start construction works at a new location in downtown Bucharest to be open by the end of the year.

With plans to refurbish a multi-purpose residential room, BR’s reporter discovered a battle between old and new at the expo SIM (Salonul International de Mobila), Romania’s first exhibition of international furniture manufacturers.

Andreea Ovanezian

In the second quarter of 2011, real estate transaction volumes in the European investment market declined by 12 percent quarter on quarter to EUR 25 billion, a report put together by Erste shows. Also, in a yearly comparison, the investment turnover is down by 3 percent from EUR 25.7billion in the second quarter of 2010.

PointPark Properties (P3) officially opened its new office in Bucharest. The office is located near Calea Victoriei Street, on the first floor of a newly renovated villa close to Nicolae Iorga Park.  The Romanian office is managed by Country Manager Stefan Gheorghiu, formerly managing director at Europolis Romania and Polimeni International.

Works on the Willbrook Platinum Business and Convention Center – an award-winning project developed by Willbrook International in northern Bucharest – have been completed and the venue will be officially opened this week. Daiana Voicu, the company’s managing partner, talked to BR about the project and the future of environmentally friendly buildings on the local market.

Simona Bazavan

Real estate developer Opus Land Development will deliver in November of this year the second phase of the Cosmopolis residential project, consisting of 103 new units, the company announced.

“The 103 new residential units were 45 percent sold. The average monthly delivery rate throughout summer was of seven units, but with the coming of fall and the end of the holiday period we estimate an increase of this rate,” said Ahment Buyukhanali, the majority shareholder of Opus Land Development S.A. The mix of apartments to be delivered includes studio apartments, and two-, three- and four- room apartments. 

EUR 19 million has been invested in Baneasa Shopping City’s cinema, Grand Cinema Digiplex, which opens this week. And the expansion doesn’t stop here. Ali Ergun Ergen, CEO of Baneasa Developments, talked to Business Review about the shopping center’s development strategy for the next five years and why it mainly focuses on expanding the entertainment options.

Simona Bazavan