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Investment up for Romania

Alex Hayes 12 February 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

ROMANIA The total investment volume for 2017 was of EUR 930 mln. a 24 pct increase compared to 2016 and the second highest figure since 2008, according to the latest ‘Market View’ report by CBRE.

In terms of transactional volume, the retail sector accounts for 40 pct, while the industrial and office sectors have registered 20 pct each. The top five investment transactions recorded during 2017 account for over 60 pct of the total investment volume.

Foreign investors were increasingly active across sectors and regional locations with transactions completed by CTP, Mitiska REIM, Globalworth and Immofinanz. The origins of capital inflows via real estate also continued to broaden with investment from South Africa, US, UK, Maltese, Israeli and Chinese groups.

Hotels continued to grow in appeal with an 18 pct market share only restrained by the availability of product. NEPI Rockcastle continues to consolidate its position as the leading shopping centre owner and developer while Globalworth has again expanded its office market holdings. Both have received significant further investments as validation of their strategies while facing increasing competition for further product. The largest transaction in 2017 was the acquisition of 50 pct of Iulius Group shares by Atterbury Europe, forming a new joint venture company. The second transaction in terms of investment volume was the Radisson Blu (EUR 169 mln.) by Cerberus Capital Management and Revetas Capital while the industrial sector included nine transactions totalling some EUR 188 mln. Yields in Bucharest remain 100 - 150 basis points above the CEE level despite favourable macroeconomic indicators recorded over the past several quarters. 2018 will be a key year as core product is set to trade and test existing price benchmarks.

Several office investment transactions are expected to be concluded in 2018 including several large office projects in Bucharest that are currently under negotiation. Inflation as well as the EUR/RON exchange rate started to increase at the end of 2017 while GDP growth remains high and unemployment low.


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