COMMERCIAL
-The ranking of real estate investors in the local commercial sector is led by Romanians in the January-August 2024 period, who acquired 12 properties, with prices ranging between EUR1.4 million and 44.7 million, research by Fortim Trusted Advisors reveals. However, in terms of total volume, Romanians rank third, with commercial real estate (yielding rental income) valued at EUR139 million, behind Belgians and Czechs. Commercial asset transactions in Romania reached an estimated value of EUR661 million in the first eight months of this year, surpassing the total for the entire year of 2023.
-The largest shopping mall owner in Romania, NEPI Rockcastle, recorded a 13.5 percent increase in net operating income in the first half of 2024 compared to the same period in 2023. The company, a premier owner and operator of shopping centres in Central and Eastern Europe (CEE), plan to invest about EUR100 million in greenfield photovoltaic projects in several areas in Romania to expand its green energy generation capacity and better meet the electricity consumption needs of its tenants.
-Romanian businessman Niculae, who controls Oscar Downstream, the biggest Romanian-held oil wholesale company, is set to buy Iride Business Park for EUR45 million, Ziarul Financiar reported. Iride is the first and one of the biggest business parks of the capital located in the north of Bucharest, on the premises of the former high-tech industrial zone Pipera, only 8 km away from Otopeni International Airport.
FINANCE
-Bucharest-listed One United Properties (BVB: ONE), Romania’s leading green developer of residential, mixed-use, and office real estate, recorded a 10% increase in the profitability of the company’s key segments, which comprise the net income from residential properties and net rental income, while consolidated revenues reached EUR 140.6 million in the first half of 2024. Gross profit stood at EUR 53.2 million, while net profit reached EUR 46 million. As of June 30, 2024, One United Properties had 12 developments under construction, encompassing 4,041 residential and commercial units and nearly 45,000 square meters of office and commercial space.
-The share of Romania’s credit property purchases grew by 40% in the first half of 2024 on an annual basis, a survey by real estate agency Re/Max Romania showed. Among the factors that determined the increase in lending for home purchases were the reduction of bank interest rates and bank dedicated offers. On the other hand, rental transactions went down compared to the year-ago period.
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