Cluj-Napoca

IULIUS and Atterbury Europe have started construction on RIVUS Cluj-Napoca, the largest urban reconversion real-estate development underway in Romania
IULIUS and Atterbury Europe have started construction on RIVUS Cluj-Napoca, the largest urban reconversion real-estate development underway in Romania 1000 500 ROMANIA PROPERTY CLUB

RIVUS Cluj-Napoca, the project developed by IULIUS and Atterbury Europe, is entering the implementation phase. With an investment estimated upwards of half-billion Euro, this is the most extensive real-estate development underway in Romania. The endeavor is transforming Carbochim, the former industrial platform now relocated and upgraded, into a landmark destination with a mix of uses customized to the dynamics of Cluj-Napoca City: cultural, educational, entertainment, office, retail, park, and outdoor leisure spaces. The concept was designed together with the notorious international architecture firm UNStudio, and emphasizes sustainability, fluid integration, community and local identity – https://www.youtube.com/watch?v=AEyhkj7fbYA&feature=youtu.be.

  • More than 550 million Euro in transforming 14 hectares of brownfield into a regional urban destination
  • Reconversion of two industrial heritage buildings and integrating them in the cultural and public circuit.
  • Largest leasable retail area – 142,000 sqm, with more than 70% thereof already pre-leased.
  • 400-plus stores, national and regional premieres, concepts highly anticipated by the community: Cineplexx (including IMAX technology and outdoor cinema), JUMBO, Hype by Kiddo entertainment concept, the largest Cărturești concept-bookstore, Auchan hypermarket, etc.
  • Cultural and entertainment hub for all ages, with regional impact.
  • The largest green syndicated loan granted to a real-estate development in Romania – 400 million Euro, conditional upon the LEED Platinum and EDGE Advanced standards.
  • Providing accessibility to the Someș riverfront, adjacent to the project, for the community, including via a green connection with the nearby parks (Feroviarilor Park and Armătura Park).
  • A new park spanning 52,000 sqm, with 700 mature trees, more than 100,000 decorative plants, green roof and green façades.
  • Implementing the mobility strategy – four lane road bridge and two pedestrian walkways across Someș, upgraded perimetral streets, etc.
  • 7 million Euro – investment in relocating and upgrading Carbochim factory.

RIVUS Cluj-Napoca entails the reconversion of an underutilized former industrial platform into an integrated mixed-use complex, open to the community and focusing on cultural, green, office, retail and entertainment uses. Designed as a socioeconomic development hub for Cluj-Napoca, the project supports key directions in the city’s urban strategy, including the consolidation of the green-blue corridor by landscaping the Someș riverfront and making it accessible.

Last year, this project was the beneficiary of the largest financing contract granted to a real-estate development in Romania, in the amount of 400 million Euro. Structured as a syndicated green loan between Erste Bank (Lead Arranger), BCR, EBRD and BRD, the financing is conditional upon the achievement and maintenance of the highest international sustainability standards (LEED Platinum and EDGE Advanced) and covers the entire investment cycle, from development and operation to refinancing. The concept for this project was developed in collaboration with the prestigious international architecture firm UNStudio and is based on in-depth market analyses and an extensive community consultation process, so it strategically caters to the public’s expectations for the mix of uses and the urban experience provided.

“RIVUS was designed as a mixed-use project, navigating around three essential directions: nature, culture, and family-oriented entertainment solutions. The project will give back to the city what has been previously a publicly inaccessible area, integrating it naturally in the urban structure and routes of Cluj City. The concept being tailored to the residents’ expectations and to the needs and development goals of the city, as well as the expertise and partnerships consolidated by IULIUS during its 25 years of business operation in the market, are the main aspects that gained the trust of our lenders and partners in this project. We are building a landmark project for the Romanian real-estate market, that draws significant interest from retailers, as evidenced by our lease occupancy ratio that is already upwards of 70%, which to us is a clear indicator of market confidence in the concept and its long-term potential. We are confident that RIVUS Cluj-Napoca will be a landmark for urban regeneration nationwide and beyond, a complex with an identity of its own, built together with and for the community, designed to be an active part of the city, and steadfastly focused on the future,” said Sorin Guttman, RIVUS project Manager.

The most extensive urban lifestyle destination in Romania

RIVUS Cluj-Napoca will be the most extensive lifestyle center in Romania and a major hub for the entertainment segment nationwide. The project will feature more than 400 stores and a total leasable retail area spanning 142,000 sqm, in a complete mix of fashion, beauty, sports, jewelry, health & wellness, services, food & beverages, home & deco, entertainment, educational and cultural uses, etc. RIVUS will bring regional and national premieres to Cluj, including the most highly anticipated brands as indicated by the market studies conducted in the region: JUMBO, the IMAX technology introduced by Cineplexx for the first time in the region, the largest Cărturești concept-bookstore, HYPE by Kiddo’s entertainment center for all ages, Auchan hypermarket. The offer will be complemented by concepts developed by local entrepreneurs, which will represent more than 20% of the mix. Furthermore, the gastronomic scene will feature approximately 30 concept-restaurants and themed coffee shops, including notorious international brands, as well as national concepts.

The cultural component marks a strategic pillar of this project, by reconverting two industrial heritage buildings and integrating them in the public circuit. The former furnace hall, namely the Arcade Hall, will be transformed into a live arts center, operated in partnership with the local cultural community, while the former red brick façade administrative building, an icon of the industrial history of the area, will continue to accommodate administrative and public service uses.

A new green urban hub, supported by efficient integrated mobility

A defining element of the project is the green component, a hallmark of IULIUS’ urban regeneration projects. RIVUS will integrate 52,000 sqm of landscaped green spaces, directly connected to Feroviarilor Park and Armătura Park, contributing toward the expansion and consolidation of the green infrastructure in the area up to a total area of 140,000 sqm. The landscaping concept integrates a roof garden and green façades, as well as the planting of more than 100,000 decorative plants and 700 mature trees, with the latter currently acclimating in a nursery accommodated by the Cluj-Napoca University of Agricultural Sciences and Veterinary Medicine (USAMV Cluj), so that the project offers a high level of environmental comfort from the very first day of operation.

The project will be sustainable down to the smallest details: nZEB building development, design showcasing and securing a connection with Someș River, using natural materials, maximizing natural lighting levels in indoor spaces, as well as energy efficiency, infrastructure conducive to environmentally friendly transportation, alleys that allow for water circulation, landscaping geared towards supporting biodiversity, renewable energy production, etc.

The project enjoys a strategic position, with regional accessibility and direct connectivity to the existing urban grid, and the investments undertaken by IULIUS in the agreement signed with the Municipality will substantially contribute in upgrading the mobility infrastructure in the area. The list of works thereunder features the building of a new road bridge across Someș River, including four lanes, sidewalks and bicycle lanes, two pedestrian walkways, upgrading Porțelanului Street and Câmpul Pâinii Street, the development of approximately 3,200 meters of bicycle infrastructure, as well as the fitting of up to 4,800 parking spaces (of which 900 will feature electric vehicle charging stations) and 1,600 bicycle parking spaces.

The urban regeneration process was supported by an investment upwards of 7 million Euro in the relocation and upgrading of Carbochim factory, an essential step to continuing the manufacturing activity, which is a rarity in the local real-estate industry. The factory is still operating today, retained its employees, and conducts its business in substantially improved technological and operating conditions, which further emphasizes the responsibility and sustainability of the entire undertaking.

Discover the largest urban reconversion project in Romania at www.rivus.ro and on its social media platforms at http://www.instagram.com/rivuscluj and www.facebook.com/rivuscluj.

FIA Imobiliar BT Property extends its footprint in the premium office segment through the aquisition of Record Park
FIA Imobiliar BT Property extends its footprint in the premium office segment through the aquisition of Record Park 1024 768 ROMANIA PROPERTY CLUB

BT Property, an alternative real estate investment fund for professional investors, managed by INNO Investments SAI SA, a company part of Banca Transilvania Financial Group, has acquired Record Park from AYA Properties Fund (Belgium).

  • Launched in 2021, FIA Imobiliar BT Property invests primarily in real estate assets and real estate companies that generate potential returns and long-term value growth.
  • Until 2025, the fund was managed by BT Asset Management, and since October last year, the new manager is INNO Investments, which specializes in managing alternative investment funds. INNO Investments is the former OTP Asset Management Romania SAI SA, which joined Banca Transilvania Group following the acquisition of OTP Bank Romania and its subsidiaries.
  • The portfolio comprises retail, office, and medical properties with a total leasable area of approximately 43,000 sqm, including the latest acquisition. The fund manages assets amounting to approximately EUR 79 million and has generated a return of over 55% since its launch.

Record Park, an example of urban regeneration and an asset with strategic value

Record Park is a AAA-class office complex located in a premium area of Cluj-Napoca, with approximately 15,000 sqm of high-end office premises leased to international companies. The complex integrates a wide range of services and facilities—a fitness center and swimming pool, restaurant, co-working spaces, and an underground parking lot with over 200 spaces.

Developed in 2020, the project transformed a former industrial area into a contemporary mixed-use complex, maintaining maximum occupancy from the outset. Built on the principles of Transit-Oriented Development (TOD) – an urban model that prioritises connectivity – and certified BREEAM Excellent, Record Park reflects high standards of sustainability and operational efficiency.

Mateusz Siejka, Chief Investment Officer, AYA Properties Fund: “We are very proud of this transaction. It is the first closing of an investment cycle within AYA and is a perfect example of how we approach real estate investments: from identifying an opportunity, acquisition and stabilization, to maturing the project and selling it to an institutional investor at a market-aligned valuation. I am grateful to our partners at INNO Investments for the constructive negotiations and for a professionally conducted transaction process. We remain active and aim to add new assets to our portfolio.”

Vlad Micu, CEO, INNO Investments: “We chose Record Park because of its strategic location, the quality of its construction, and its mix, which responds very well to the current needs of companies and the local community. Both the return offered to investors and the quality of the real estate assets in which the fund invests are important, taking into account ESG requirements. We would like to thank AYA Properties Fund team for their open and professional collaboration and for the way in which they managed and matured this asset until the transaction.”

Impact of the acquisition

  • Portfolio consolidation: Record Park increases the share of premium assets and increases the exposure of the fund and of INNO Investments in the office segment.
  • Stable income: The diversity of tenants and facilities both support the financial performance of the asset, thus generating a stable income.
  • Cluj is growing: The transaction confirms the potential of Cluj-Napoca office market and the interest of institutional investors in premium projects, which support the urban development and the visibility of the local market.

INNO Investments continues to pursue investment opportunities that capitalize on the dynamics of the Romanian real estate market.

IULIUS and Atterbury Europe secure the largest loan granted to a real-estate development in Romania – 400 million Euro for the RIVUS Cluj-Napoca mixed-use urban reconversion project
IULIUS and Atterbury Europe secure the largest loan granted to a real-estate development in Romania – 400 million Euro for the RIVUS Cluj-Napoca mixed-use urban reconversion project 1000 500 ROMANIA PROPERTY CLUB

RIVUS Cluj-Napoca, the mixed-use urban reconversion project developed by companies IULIUS and Atterbury Europe, was granted the largest loan for a new real-estate development in Romania. The loan adds up to approximately 400 million Euro and it is in the form of syndicated financing granted four loan institutions: Erste Bank, BCR, BERD, and BRD. RIVUS restores 14 hectares of a former industrial platform back to the city, in the form of a mixed-use project with likely the widest functional diversity in Romania – retail, office, culture, entertainment, park. The project investment is estimated upwards of half-billion Euro, and it is currently in the building permitting phase.

 

RIVUS Cluj-Napoca is a project tackling the urban reconversion of a brownfield area spanning more than 14 hectares into a regional attraction, customized to the expectations and needs of the community and the city. This is a sustainable project and the concept for it was designed by the prestigious international architecture firm UNStudio, with a focus on leveraging Someș River and making it accessible to the public, and integrating the entirety of the former industrial area with the city as a pole of urban development. The largest loan granted to an industrial real estate development in Romania, adding up to 400 million Euro, was secured for this project developed by companies IULIUS and Atterbury Europe. This is a green syndicated loan, secured by meeting the LEED Platinum and EDGE Advanced sustainability standards, which cover the entire development-operation-top-up cycle. The syndicate of banks providing the financing is comprised of Erste Bank (Lead Arranger), Banca Comercială Română (BCR), European Bank for Reconstruction and Development (EBRD), and BRD Groupe Société Générale. The financing primarily focuses on the retail component of the project, including the cultural areas and green spaces, which means a total leasable area of 132,500 sqm.

“For IULIUS, this loan continues the series of premieres in terms of financing: from the first green loan granted to a Romanian company back in 2021, to the largest real-estate refinancing loan in Romania in 2022, and now the largest development loan in the industry. To us, all these milestones certify the attractiveness and quality of IULIUS projects. We are excited that every single time we are able to attract new partners in the financing process, with EBRD now joining the group of banks with which we are collaborating. The mix of local, regional, and global banks provide the financial stability we need in order to focus on what we do best: large scale green mixed-use project, with significant investment values (usually upwards of half-billion Euro), in central locations, and contributing to the economic development of their respective local and regional communities. The trust placed in us by our clients, tenants, and banks motivate us to bring ever more daring, more complex projects on the market, with even greater positive impacts on their respective communities,” said Marius Perșenea, Chief Operating Officer IULIUS.

RIVUS – The largest lifestyle center in Romania

The functional diversity of RIVUS includes:

  • The largest retail area in Romania, spanning 142,000 sqm (integrating the shopping mall, as well as the complementary retail facilities) in a mixed-use concept that enhances the shopping experience with public and leisure services and facilities
  • More than 400 stores, including regional and national premieres
  • 30+ new concept-restaurants and coffee shops overlooking Someș River
  • A new park and landscaped green spaces spanning more than 52,000 sqm
  • Japanese rooftop garden
  • Two industrial buildings reconverted to accommodate cultural venues, office spaces, and services
  • Live arts center– feature integrated for the first time in a real estate project based in Romania
  • First-to-region entertainment concepts for all ages
  • The latest cinema technologies for the first time in Transylvania, as well as open air cinema

Premium green office spaces – 15,000 sqm GLA

Music, sports, and film festivals reflect in Romania’s highest hotel pipeline
Music, sports, and film festivals reflect in Romania’s highest hotel pipeline 2560 2560 ROMANIA PROPERTY CLUB

10.11.2023

In the last 10 years, Cluj-Napoca’s hotel market registered the highest increase in Romania at “5-star” category with 613 new rooms, as the data gathered by RPC from tourism consultancy company Est Hospitality show. In Bucharest only 534 new rooms were developed at the same category. 

Cluj-Napoca

The total number of new hotel rooms from Cluj-Napoca increased with 36%, representing 730 new rooms.  The highest increase of 411% is in the “5-star” ranking (613 new rooms), followed by “4-star” category with 31% (221 new rooms).

RANKING202320142023 vs 2013 Hotels
HotelsRoomsHotelsRooms
5*77622149411%
4*189321571131%
3*23960238858%
2*3816266-70%
1*1600 
Total52274146201136%

Branded hotels in the market represent 20.3% from total capacity and most of them have more than 100 rooms.  Double Tree by Hilton, Radisson BLU, Ramada, Golden Tulip Ana Dome, Hampton by Hilton are the five brands present locally, totaling 558 rooms.

Regarding tourists’ arrivals by hotel ranking, Cluj-Napoca registered the highest arrivals in the “4 – star” and “3 – star” hotels. In 2022, the arrivals in hotels units from Cluj-Napoca are still 13% lower than in 2019. Only at “4-star” hotels in 2023 we estimate the arrivals will be higher than in 2019. 

In the next three years there are four hotel projects in pipeline with a total number of rooms of around 600 new rooms representing a growth of 22% for Cluj hotel market. In the next three years (2024-2026), Cluj-Napoca has the highest hotel development pipeline from Romania.

NBBRANDED HOTELS PIPELINENUMBER OF ROOMSRANKINGHOTEL GROUPOPENING YEAR
1Courtyard by Marriott1004*Marriott2024
2Branded hotel & residences2434*International2026
3Ibis Styles1103*Accor2025/2026
4Independent hotel1404*Independent2026/2027
 TOTAL593   

“The number of new hotel projects is a very good sign of confidence in the market growth over the next three-four years. A demand driver that has a direct impact on the market is the development of the city as an IT hub and a calendar of international festivals (ie.: Untold, Electric Castle, etc)” Mircea Draghici, Managing Partner, Est Hospitality.

Cluj-Napoca, Romania’s second office market
Cluj-Napoca, Romania’s second office market 1617 1080 ROMANIA PROPERTY CLUB

08.11.2023

The world-class economic development is sustained by modern working infrastructure. The total stock of Class A office buildings in Cluj is 340,000 sqm, with expected future deliveries of 75,000 sqm.

Cluj-Napoca

Headline rents for prime Class A properties range between 13.5 to 15 EUR/sqm. While the vacancy rate (6%) indicates a landlord’s market, it is important to note that since the work-from-home switch, the total market activity was a fraction of Timisoara’s, registering only 9,400 sqm in 2022 and 5,900 sqm in H1 2023. Moreover, there is a growing number of companies looking to sublease.

On the one hand, the work-from-home/hybrid model coupled with pricy residential led younger professionals to relocate with families in the neighboring counties, thus decreasing the utilization rate of the office. On the other hand, companies are aware of the limited new supply, as the majority of the pipeline is foreseen to materialize in more than 24 months, geographical constraints of Cluj-Napoca in lack of a developed metro infrastructure, and vivid memories of the race to secure space in line with exponential growth in a tight market. Moreover, companies have done further hiring over the past few years and expect the office as is to become right-sized even in a hybrid work world.

Iulius put its toll on Cluj, following the same transformative mixed-use urban regeneration strategy applied in Iasi and Timisoara. The office component, under the United Business Center umbrella, features three separate projects built in 2008, 2014, and 2018, totaling 27,000 sqm, with future development possibilities for UBC Riviera. Companies that chose to work in UBC buildings include Endava, Genpact, Office Depot, and Analog Devices.

The Office is one of the emblematic business parks in ultra-central Cluj-Napoca. The 60,000 sqm of office and retail were built by Mulberry Development and Nepi Rockcastle custom to Cluj-Napoca market needs. As this was an accelerated growth market, the business park was constructed in three phases between 2013 and 2017 with the end goal of delivering a 9,000 sqm united floor plate, that could host up to 1,000 employees on a single level. As the metro project is years in the making, The Office concept features 1,100 car parking spaces and up to 400 bicycle/motorbike racks. The modern amenities, 200 seats capacity conference center, and visually appealing landscaping serve community building purposes for companies such as Deloitte, Yonder, 3Pillar Global, Bombardier, Betfair, Steelcase, National Instruments and Bosch. In 2019, Paval Holding added the landmark property to their portfolio for c.a. 130 million EUR.

Hexagon Offices is a Class A business complex delivered in mid-2019 by a joint venture between local entrepreneurs who managed to secure top-tier tenants such as Cognizant and Accenture. It exchanged hands for 32 million EUR at the end of 2019, being taken over by a Romanian family business.

Belgian Speedwell performed its first development outside Bucharest – a mixed-use residential and office development named Record Park. The 236 apartments were immediately sold out, whereas the 12,000 sqm of offices were occupied by EON, Mass Mutual, or MHP Porsche. It scheme is completed by co-working (Stables) and a large World Class leisure facility.

The above-mentioned schemes are a select few brand-new Class A projects that support the economic development of Cluj-Napoca. Cluj Business Campus, Liberty Business & Technology Park and legacy projects such as Maestro BC, Amera Tower, and City Business Center are a couple of other notable locally developed offices that served the needs of the city.

It is important to note that Cluj proved itself to be the most liquid market outside Bucharest, with major office sales over the past five years totaling 260 million EUR (10% compared to Bucharest, 3x compared to the third-ranked – Timisoara), marking exits to either local investors confiding in the market’s strength or potent national and international investors.

Moving forward, the future looks bright for Cluj-Napoca. While the immediate pipeline is for approx 7,000 sqm (new phases of Liberty Business & Technology Park), two of the most impactful investors in Romania made plans to deploy more than 850 million EUR over the next 5-10 years in Cluj-Napoca. Iulius and Prime Kapital, in partnership with MAS Group committed to the reconversion of 14, respectively 17 ha of conveniently located industrial platforms – Carbochim and Cesarom. The first phase of the office component of the new Iulius Group is 15,000 sqm GLA, whereas the total office component for Cesarom is 49,000 sqm. Further development is limited only by the capacity to cross the finish line of the metropolitan train and underground projects.

Public infrastructure investments doubled by a reach calendar of events determine a flamboyant business environment in Cluj-Napoca
Public infrastructure investments doubled by a reach calendar of events determine a flamboyant business environment in Cluj-Napoca 1630 1080 ROMANIA PROPERTY CLUB

07.11.2023

Cluj’s economic strength does not rely on a single champion or sector. In addition to the technology, cultural and financial examples with Romanian capital and leadership, companies as diverse as construction materials (Cemacon), textiles (Jolidon), consumer goods (Farmec), infrastructure (E-Infra/Electrogroup), or recycling (Rematinvest) speak of a truly performant region, able to pioneer generation to generation.

Cluj-Napoca

Right now, authorities are working on one of the most important infrastructure investments – a new metro line. The new project is expected to redesign new interest hubs regarding the local land market. According to local consultancy company Simon, Iuga & Partners, prices for permitted plots vary between 80-120 EUR/sqm for logistics development, 225 – 400 EUR for retail developments and 1,000 – 2,000 EUR/sqm for mixed-use (residential & retail) developments.

The world-class economic development is sustained by modern working infrastructure. The total stock of Class A office buildings in Cluj is 340,000 sqm, with expected future deliveries of 75,000 sqm. Iulius and Prime Kapital, in partnership with MAS Group committed to the reconversion of 14, respectively 17 ha of conveniently located industrial platforms – Carbochim and Cesarom. The first phase of the office component of the new Iulius Group is 15,000 sqm GLA, whereas the total office component for Cesarom is 49,000 sqm.

Cluj-Napoca continues to be the most high-priced residential market nationwide, in the context of low levels of new offers. Data from real estate platform imobiliare.ro for August indicate that the residential medium price per sqm is 2,452 EUR in Cluj-Napoca, much higher than the one asked in the Capital City.

The retail density of 522 sqm per inhabitant is quite low compared to the accelerated economic development and the city’s appeal to youth. It represents a testament to the difficulty of building due to geography.

Cluj registers a well-rounded modern stock of industrial and logistics facilities, reaching more than 420,000 sqm. Cluj has a long history of industrial production, particularly heavy machinery, and construction materials, with a well-developed manufacturing & logistics infrastructure.

Music, sports, and film festivals reflect Romania’s highest hotel pipeline. In the next three years (2024-2026), Cluj-Napoca has the highest hotel development pipeline from Romania: 593 rooms.

The region’s future lies in its ability to pivot to the latest technologies and to attract the right talent.

E.ON Business Services Cluj moves its headquarters to Record Park after one of the largest rental transactions outside Bucharest
E.ON Business Services Cluj moves its headquarters to Record Park after one of the largest rental transactions outside Bucharest 770 584 ROMANIA PROPERTY CLUB

03.11.2022

E.ON Business Services Cluj, the accounting services division of the German group E.ON, moves its offices to the Record Park project in Cluj-Napoca, where it has leased 3,500 square meters, one of the largest areas traded so far by a company outside Bucharest.

E.ON Business Services was established in Cluj-Napoca in 2012, with the aim of delivering financial and accounting services to internal clients of the E.ON Group worldwide. The company reached 600 employees and a turnover of over 20 million euros in 2021. The company’s offices are moved from Amera Tower, an office building developed by investors Ádám and Enikő Ambrus, on two consecutive floors in Record Park, project which offers a total of 15,000 square meters of office space and 236 apartments. E.ON has leased almost a quarter of Record Park Offices, a project delivered in 2020 that also houses the headquarters of MHP Consulting Romania, a subsidiary of Porsche AG, and that of the American insurance company MassMutual.

The Record Park Offices building is owned by AYA Properties Fund, a Belgian real estate investment fund. At the beginning of this year, Speedwell sold Record Park Offices in Cluj-Napoca to the Belgian investment fund AYA Properties Fund for 35 million euros. There is limited shareholder overlap between Speedwell and AYA Properties Fund.

Last year, Speedwell announced that it had invested around 90 million euros on the Romanian market, the equivalent of some projects with a value of around 400 million euros, and that it aims to place an additional capital of 90 million euros with the aim of doubling the portfolio in the next 4 years. The company’s expansion plans are secured by an investment fund launched in 2019 and in which several wealthy Belgian families have investments.

Top cities that attracted the most office tenants in the third quarter of 2022
Top cities that attracted the most office tenants in the third quarter of 2022 420 250 ROMANIA PROPERTY CLUB

03.11.2022

Across the country, in the last three months, companies have leased modern offices with a total area of 108,747 sqm, both new offices and contract extensions, up 9% from the same quarter of 2021, according to an analysis by Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

At the country level, large cities have an increasing share in the total number of office rentals, to the detriment of the capital. In Bucharest, contracts were rented, pre-rented and extended for a total office area of about 75,700 sqm, while in Iasi of 11,355 sqm, in Cluj-Napoca of 9,293 sqm and in Timisoara of 6,415 sqm.

“Office segments in cities such as Cluj-Napoca, Iasi, Timisoara are developing, but more cautiously. Investors only move from one stage of the projects to another after making sure that there is a current demand. Until now, regional markets have attracted more and more large demand, from multinational companies, which have seen an opportunity in the well-trained workforce, in regional universities and which are now expanding easily from one city to another, depending on the availability of quality office spaces”, says Nicolae Ciobanu, Managing Partner – Head of Advisory Fortim Trusted Advisors, an alliance member of the BNP Paribas Real Estate.

Among the large office tenants who have chosen another city, besides Bucharest, there are also Accenture (in Cluj-Napoca), Linde Global Services, Hella (in Iasi), Tech Mahindra (in Timisoara), Expleo (Iasi).

In the third quarter of 2022, Accenture rented an office space in the Hexagon Offices building in Cluj-Napoca, Linde Global Services pre-leased in the UBC 0 building, from the Iulius Town Timisoara project, and Preh Romania, Hella and Expleo pre-leased in the Palas Campus project.

The new office buildings in the primary and secondary cities of Cluj-Napoca, Iasi, Timisoara, Brasov and Craiova have the same high-quality standards A and the same types of facilities for employees (retail areas, services, common spaces for socialization, green certifications), as those in Bucharest.

In addition, in primary and secondary cities, other premium office projects are in development, which will ensure constant deliveries of new offices over the next two to three years.

IULIUS obtains the largest real estate loan granted in Romania to date: more than EUR 410 million
IULIUS obtains the largest real estate loan granted in Romania to date: more than EUR 410 million 810 600 ROMANIA PROPERTY CLUB

29.09.2022

IULIUS Company together with partners Atterbury Europe, recently signed a 410 million Euro financing agreement for the nationwide network of Iulius Mall regional shopping centers in Iași, Cluj-Napoca, Suceava and Timișoara. The loan supports the long-term investment plans of the developer toward consolidating its projects’ regional market leader status in the retail and entertainment segment.

 The 410 million Euro loan contracted by IULIUS Company is a long-term syndicated loan refinancing granted by Erste Group Bank AG, Banca Comercială Română S.A., Raiffeisenlandesbank Niederösterreich-Wien AG, OTP Bank Nyrt, and OTP Bank Romania S.A. Wolf Theiss, one of the largest law firms in Central, Eastern and South-Eastern Europe, provided the legal framework for conducting this transaction.

“This is a landmark transaction for the Romanian real estate market by the volume and characteristics which offer a viable alternative to the capital market. On the one hand, it certifies the financing parties’ confidence in the projects of IULIUS Company that have grown into sustainable and recognized regional centers of attraction in terms of shopping, business and leisure. On the other hand, it certifies our loyalty to and trust in banks as business partners, which are essential values in our organization. The new loan is geared towards implementing the corporate goals in the development strategy of the company,” said Marius Perșenea, Chief Operating Officer.

As of 2017, the Iulius Mall regional shopping mall network in Iași, Suceava, Cluj-Napoca and Timișoara (an integral part of the Iulius Town Timișoara mixed-use project) is owned by companies IULIUS and Atterbury Europe based on a 50-50 joint venture partnership.

The company portfolio includes major real estate projects with an initial investment value upwards of 1 billion Euro, projects that have shifted lifestyle perceptions, redefined, and revitalized city centres, and harmoniously integrated with their respective communities. The operating portfolio currently comprises 310,000 sqm of retail premises located in two mixed-use urban regeneration projects (Palas Iași and Iulius Town Timișoara), the only ones of this kind in Romania, in the nationwide network of Iulius Mall regional shopping malls (in Iași, Cluj-Napoca, and Suceava), as well as the first Family Market project in Miroslava (Iași), a convenience retail concept. These are vibrant spaces that define poles of urban attraction and draw more than 70 million visits every year.

IULIUS is launching a new investment in Cluj-Napoca – the largest urban regeneration project in Romania
IULIUS is launching a new investment in Cluj-Napoca – the largest urban regeneration project in Romania 420 250 ROMANIA PROPERTY CLUB

04.04.2022

With more than a decade’s worth of expertise in developing and operating mixed-use urban regeneration complexes in Romania, the only projects of this kind in the country, IULIUS Group is now launching a new project in Cluj-Napoca.

The investment upwards of half a billion Euro focuses on the Carbochim platform, set to become the largest urban reconversion project on the Romanian market. This urban development endeavor will transform the industrial area into a vibrant space in Cluj and will be integrated as part of the city. The Carbochim factory will be relocated this year and upgraded, without any periods of business interruption. The new project includes:

  • the largest retail area in the country (115,000 sqm)
  • a center dedicated to performing arts
  • conservation of two industrial heritage buildings and reintroduction thereof into the public circuit
  • a model of integrated approach to green spaces, connecting the urban garden spanning on 4-plus hectares with the adjacent parks, and a complete reconfiguration of the road and pedestrian infrastructure
  • a new bridge and a pedestrian walkway over Someș River
  • an eco-neighborhood integrated in a mixed-use project
  • bicycle and pedestrian infrastructure along the Someș River waterfront
  • consolidating a new business hub
  • the largest underground parking lot in the country, with 6,000-plus parking spaces.

After 15 years of presence in Cluj-Napoca, IULIUS is launching the largest urban reconversion project in the country. Using a massive investment, estimated upwards of half a billion euro, the Carbochim industrial platform will be converted into a destination of the city, a unique meeting place for the community. As far as magnitude of investment, urban development impact, and diversity of the uses integrated therein go, this will be the most prominent project in Transylvania, after the Cluj-Napoca metro line project.

Carbochim is the largest manufacturer of professional abrasives in Romania. The industrial platform spans on approximately 14 hectares, with less than 30% of the area currently utilized for manufacturing purposes, while the rest is either underused or residual. The factory will be relocated this year in the industrial area of the city, in the former industrial facilities of Tricotaje Someșul on Muncii Boulevard. More than € 5 million will be invested in relocating, modernizing and upgrading the production unit, without interruptions to its activity.

“We want to give to the city a piece of itself by transforming the Carbochim platform into a space for the entire community. The urban reconversion investment will be a large-scale one, in line with the general urban development strategy of Cluj. This project is designed for the present, but also for the generations to come. It expresses our vision of gratitude for the past by continuing the industrial activity, while also creating the future via a sustainable and resilient project,” said Iulian Dascălu, President of IULIUS Company.

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