Vol. 4 No.5  


The Diplomat Guides

Bucharest Hotel Guide 2007

Guide to the biggest names in local law - Bucharest 2009

Bucharest - International School Guide

Belle epoque love
castle up for sale

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DACIA MOSILOR On his return from a world tour, an adviser to King Carol I named Popovici decided to build this house for his fiancee in an attempt to recreate the emotions he experienced visiting castles in the Rhine Valley.
Though this pre-war residence may not capture the full sturm und drang of Goethe-era Romanticism, there are some delightful elements resembling the battlements of a Gothic stonghold.
Now available for sale through real estate agency Eurocasa, the structure was built around a tower with a small balcony and pointed metal roof and the facade is decorated with rows of miniature arcades cupping decorative spheres. A large terrace overlooking the city is perfect for breakfast or quiet afternoons. At night the terrace is illuminated through a gas-lantern [with modern bulbs] above a golden-coloured miniature soldier, a symbol of safety.
Inside the massive cedar-wood staircase with floral ornaments connects between the four floors of the 13 room-house, including basement and attic.
Purchased in 1933 from a Greek family, the house was confiscated during the communist regime and recently returned to his owners after 17 years in the courts. The property needs refurbishment and is not equipped with burglar alarm, interphone or central heating system. This will while be a challenge for anyone willing to pay for the villa’s current 3.25 million Euro price tag.

For more info call: Virginia Paleolog,
Eurocasa Estate on 0741 08 0840

Inside facts
Price: 3.25 million Euro
Built: 1890
Built area: 432 sqm
Floors: basement, ground floor, first floor, attic.

Atrium Centers: Pressure on malls
will see failures in capital

New shopping centre projects announced for Bucharest will be fighting for a shrinking customer base, while putting pressure on existing malls.
From all the retail complexes that exist in Bucharest and the serious projects planned to be delivered by 2010, this amounts to 16 shopping centres and 949,000 sqm in gross lettable area.
This is almost twice the average rate in the west.
“Bucharest’s retail market has very rapid dynamics,” says Adina Calinescu, country manager at Atrium Centers Management. “Maybe the retail market is growing much faster than the purchasing power at the moment, which is why, depending on the concept developers come up with, some newly announced projects will be succesful, others will fail and the rest will probably end up having a different purpose than a mall.”
Threatened by newer concepts that emerge with a contrasting tenant mixes, older malls such as Bucuresti Mall on Calea Vitan, Plaza Romania on Blvd Timisoara and City Mall on Soseaua Oltenitei must find new strategies to maintain and build on their customer base.
Location is another important element for Romanian consumers used to shopping in the city centre. The 85,000 sqm Baneasa Shopping City with over 220 shops opened this year in an existing retail park on the DN 1 national road between Bucharest and Otopeni, in the largest mall development in Bucharest so far.
“A retail platform similar to the one built by Baneasa Developments should be a successful recipe in any city,” argues Calinescu. “But Romanians are not used yet to travelling outside the city for shopping or for leisure activities.”
This is one of the reasons why leisure centres are not yet a good business in Romania. Activities such as swimming pools, gymnasiums and climbing walls require a large amount of space and are usually restricted to out-of-town locations.
Now the entertainment areas of malls face problems attracting customers. The bowlling, billiard and cinema areas are usually the least profitable areas.
“The multiplex cinema is a compulsory anchor tenant in a shopping mall, because it creates synergies with other anchors,” says Calinescu. “But in Romania, it is not a profitable business [on its own].”
Atrium Centers will start this year work on two of four shopping centres developed with British-based Dawnay Day in Cluj-Napoca and Arad city centre that are due for delivery in 2009.

By Corina Ilie

Rompetrol gets smart with real estate

BANEASA Immorent, part of the Austrian Erste Group, oil and gas group Rompetrol, its minority-share owner Dinu Patriciu and his family are investing 300 million Euro in the development of Smart City, an urban complex over 150,000 sqm including living units, offices and retail space. Smart City will be in northern Bucharest, near Baneasa lake in Bucharesy’s richest. but most crowded area of development. The complex will also include the new Rompetrol headquarters, a tower which is 111 metres high.

Lakesides clock up
new block

LACUL PLUMBUITA Spanish real estate developer CP Grupo launched its first residential project on the Romanian market.
‘Lakeland Residence’ will be located in northeast Bucharest on the shores of Plumbuita Lake, with direct access to Soseaua Colentina.
The 144 apartments included in the single 15-floor block of flats have three undergound parking areas. The building also contains six three-room apartments with garden and six duplex penthouse apartments.

Norwegians hot for
Cold Mountain

BRASOV Norwegian company North Capital Baltikum will build a luxury hotel complex in Rasnov, Brasov county, on the location of where the 2003 American Civil War film Cold Mountain was shot, according to Ziarul Financiar. Dubbed ‘Cold Mountain Luxury Resort’, the leisure and accommodation complex will comprise 341 apartments in total, four restaurants, five bars, minigolf and tennis courses, plus a casino, spa, cinema and shops.

Tiriac enters luxury
north market

STRADA JANDARMERIEI Romanian real estate group Tiriac Imobiliare has launched its first luxury residential club Stejarii, a 230 million Euro project with a total built area of 99,360 sqm, surrounded by a 200 hectare oak tree forest in Bucharest’s north.
Stejarii, which means ‘oaks’ in English, will include 19 six-floor buildings with a total of 535 apartaments of two to seven rooms. The first of the two phases of the project consisting of 286 apartments will be delivered starting with the four months of 2009.


Soseaua Petricani
Real estate division of Greek company Global Finance, Global Emer­ging Property Fund has launched a 65 million Euro Global City Residential project. The residential complex is part of a mixed-use project which also includes a business park, comprising Class A office spaces on 22,200 sqm of land. The total value of the Global City project is 200 million Euro. Global City will be made up of four buildings, comprising 381 units with surfaces ranging from 50 sqm to 200 sqm, divided into 40 studios, 142 two-room apartments, 99 three-room apartments, 86 four-room apartments and 14 duplexes.

Strada Oituz
Romanian company Star Proiect Development has just started work on a residential complex situated in north-eastern Bucharest, on 71-83 Strada Oituz, developed on a 33,000 sqm plot. Sigma complex will be delivered in three stages by 2011 and comprises 390 apartments distributed in 12 residential buildings and a shopping space of 20,000 sqm. Star Proiect Development will conclude this October works on the 276 apartment Metropolis project, situated in Bucharest, near Constanta Bridge, on Strada Teleaga.

Strada Turda
Romanian company Giordan is investing 12 million Euro in a ‘Class A’ eco-office building in Bucharest, in the Turda-1 Mai area, near Ion Mihalache Boulevard, with grassed terraces. The building is structured on seven floors and has a total built area of 4,100 sqm. Around 70 interior and exterior parking spaces are available for tenants.

Israeli developer Ram Global Group, will allot 140 million Euro for the construction of 1,260 living units, in Bucharest, in the Titan neighbourhood, according to Business Standard. ‘Casablanca Residence’ will stretch over 36.000 sqm and will be developed in more phases. The apartments have areas ranging between 53 sqm for a two room apartments and 149 sqm for a penthouse. Prices start from 60,000 Euro per unit. Ram Global Group has been active on the Romanian market since 1996 and has invested so far 160 million Euro in residential and office buildings in Bucharest and Ploiesti, Prahova county.


Real estate division of American General Electric company, GE Real Estate and Greek developer Helios Phoenix have set up a joint venture for the development of seven ‘Class A’ logistics and distribution warehouse projects in several cities of Romania, in an investment plan of 175 million Euro. This is the first real estate project pioneered by GE Real Estate in Romania. The seven warehouse projects will cover a total area of 315,000 sqm and will be located in the largest cities of Romania, emphasising access to the motorway and main roads. The construction of the first five logistic parks, situated in the cities of Bucharest, Timisoara, Constanta, Brasov and Cluj-Napoca, will begin this year.

Cometex, the real estate division of Romanian-based home electronics firm Altex Group will open this month a new six million Euro shopping centre in Brasov. Located in the northwest part of the Transylvanian city, the complex will cover 8,700 sqm on two levels with parking for over 120 cars. Altex-owned retail chain Media Galaxy will be an anchor tenant, along with domestic furniture and accessories operator Staer and heated floor producer Piritex. Cometex manages real estate projects in Suceava, Falticeni (Suceava county) and Buzau. Future shopping centre developments target cities such as Timisoara and Arad in the west of the country.

European Retail Park Braila, the first retail park in the eastern city of Braila with a total GLA of 44,000 sqm and a shopping gallery of 14,500 sqm, opened last month. The park is located within ten minutes of the city centre on the road towards Bucharest and Slobozia. The main anchor tenants are French DIY retailer Bricostore with 6,000 sqm rented, local home electronics chain Media Galaxy with 4,500 sqm, Cinema City and French retailer Carrefour. Belgian developer Belrom Real Estate has invested approximately 60 million Euro in the park. The centre includes 80 shops and 1,400 parking spaces.

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