Real estate transactions totaling EUR 300 M have been closed in Romania H1 2021

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The total value of transactions with commercial real estate assets in Romania reached 298 million euros in the first half of 2021, a 23% decrease compared to the same period of last year, the market being supported primarily by the return of the Austrian investors’ appetite for office buildings, according to the Romania Investment Marketbeat, launched by the Cushman & Wakefield Echinox real estate consulting company.

The three most important transactions in the first semester were signed by Austrian investors who expanded their presence on the Bucharest office market by acquiring the Campus 6.2 & 6.3 (S Immo), The Light One (Uniqa RE) and Bucharest Financial Plaza (Immofinanz) buildings. The three transactions, with a total value of around 189 million euros, represent a 63% share of the total volume transacted in the first half of the year.

The next asset class preferred by investors is represented by industrial and logistics spaces, a sector in which CTP and Globalworth have expanded their portfolios by acquiring buildings in the Western part of the country, while the Swedish group Oresa Ventures purchased the Solo Parc project, the largest logistic park in Iasi. In total, the industrial and logistics segment attracted 24% of the capital.

The hotel sector recorded two transactions in Bucharest with a total value of around 21 million euros (7%), the most important being the sale of the Ramada Majestic hotel located on Calea Victoriei which attracted a new investor on the local market, namely the Swiss company Visionapartments. The retail sector was the least active in H1 2021, with only individual commercial units being part of transactions. In total, 24 income-generating properties with an average value of 12 million euros were transacted in the first semester.

Mihnea Șerbănescu, General Manager, Cushman & Wakefield Echinox: “Market liquidity held impressively throughout the most difficult phases of the pandemic in 2020 and has also stayed quite healthy in H1 2021, as Romania still has some of the most attractive yields in the region. Looking ahead, the yields are forecasted to remain stable this year for standard properties, while a compression is expected in regards to premium properties in landmark locations which attract a larger pool of potential buyers.”

Cushman & Wakefield Echinox is a leading real estate consulting company on the local market, active in all real estate market segments. The company’s Capital Markets department has been involved in transactions with a total value of over 600 million euros during the last five years.

Major transactions completed in H1 2021

 

ASSET SEGMENT BUYER VENDOR SIZE (SQM) PRICE

(MIL. €)

CITY
Campus 6.2 & 6.3 Office S Immo Skanska 38,000 97 Bucharest
The Light One Office Uniqa RE River Development 22,000 56 Bucharest
Bucharest Financial Plaza       Office Immofinanz BCR Erste 26,000 36 Bucharest
Industrial Portfolio  Industrial CTP Catalyst Capital 40,000 23 Timişoara, Arad, Caransebeş
Industrial Park West Arad & Oradea  Industrial Globalworth Global Vision 27,000 18 Arad, Oradea
Ramada Majestic    Hospitality Visionapartments Majestic Tourism 111 rooms 14 Bucharest
Solo Parc  Industrial Oresa Ventures Tester Grup 24,000 14 Iaşi

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