Real estate transactions exceeding EUR 100 million in Q12013
Real estate transactions for the first quarter totalized EUR 102 million, slightly more than the registered level of the same period of last year, though Romania ranks far behind other Central Europe markets.
In the last year’s first quarter, the value of the real estate transactions was EUR 99 million, and the amount for 2013 do not include the possible acquisition on Tower Center office building by the businessman Ioannis Papalekas.
The biggest transaction of this year was the acquisition of The Lakeview office building in Bucharest by NEPI from AIG/Lincoln and businessman Dinu Patriciu. The transaction value was EUR 61.7 million. NEPI was also the protagonist of the biggest transaction in 2012, through the taking over of the office complex City Business Centre from Timisoara.
This year also the Belgian group First Retail bought 50% share from eight retail parks of InterCora group, the biggest local developer of Kaufland retailer. The transaction value was estimated to EUR 20-25 million.
The financial group Piraeus paid approx. EUR 10 million for the residential complex Seasons Residence in Brasov, still in construction, as Gespi Investment, a company controlled by the businessman Yual Rishpi, the initiator of the project, went bankrupt.
Another transaction was the acquisition by the businessman Ioannis Papalekas of several lands for EUR 5 million, from Lufin, a bankrupt constructor.
Despite that Romania registered a growth of the transactions number and value comparing to last year, Romania is still behind Poland, Czech Republic and Hungary.
Poland is still the most attractive for investors in Central Europe, through Q1 2013 brought the halving of the investment volume, from EUR 818 million to EUR 465 million. The second place is taken by the Czech Republic, with EUR 237 million, followed by Hungary, with EUR 159 million, according to Cushman&Wakefield. According to the company, the total value of the real estate transactions in Central Europe was EUR 958 million.
As for the transaction evolution this year in Romania, the real estate advisers do not estimate a significant movement of the market. (source: economica.ro)