Iasi

Iasi to take off in new development stage
Iasi to take off in new development stage 2560 2560 ROMANIA PROPERTY CLUB

27.11.2023

Public investments of 1.2 billion EUR and private investments in new, modern, real estate projects of half of billion EUR are transforming Iasi in one of the most important cities on Romania’s investment map.

Iasi

Ongoing public investments:

  • 100 million EUR for the expansion of the airport Terminal 4, with the aim of reaching an annual traffic of 3.3 million passengers.
  • 670 million EUR for Iasi Emergency Regional Hospital.
  • 300 million EUR for Mircesti-Pascani lot from A7 motorway.
  • PNRR 175 million EUR for city modernization: trams, schools, and old blocks refurbishments.
  • 40 million EUR from EBRD for Dacia tram depot.

Real estate investors such as Iulius, Impact Developer & Contractor, Prime Kapital, plus retailers such as Ikea and Jumbo, also added Iasi to their portfolio.

Iulius finalized this spring a 120 million EUR investment in Palas Campus. Impact obtained the building permit for a major scheme totaling 1,062 apartments on Copou hill. Prime Kapital is developing a mixed-use project on the former Teba industrial platform: 1,549 apartments and 100,000 sqm of class A offices. Jumbo inaugurated a 10,000 sqm unit in October, while Ikea announced Iasi as the third city where it will build a new store in Romania.

The modern office stock counts for 260,000 sqm. The asking rents range from 12 to 15 EUR/sqm and the vacancy rate is still in the single-digit range.

The city is weak in terms of new, modern housing units. Data collected by RPC from imobiliare.ro show that offers for the first three quarters in 2023 total 1,275 apartments, of which the new units listed count for 410, a minus of 18% as compared to the same period of the previous year.

Regarding the retail sector, 20,000 sqm will be added to the existing 170,000 sqm. The broader Northeast region is the least developed in terms of industrial and logistics, representing a mere 2% of the total modern stock.

In the last 10 years, although Iasi hotel tourist arrivals increased by 105% (around 156,000 new tourists), the number of new hotel rooms increased with only 11%. Branded hotels represent only 12% of total rooms capacity and all of them are within “3-star” ranking.  There are no 4* or 5* branded hotels in Iasi.

The county hosts 983,506 people, second only to Bucharest. The metro area of the city of Iasi is where more than half of the county’s population resides. The strong base of an educated workforce attracted dozens of reputable multinational companies, transforming Iasi in Romania’s Silicon Valley.

The proximity to Ukraine and the Republic of Moldova makes Iasi an informal capital for the broader region.

Iulius has signed a partnership with IFC, a World Bank member, to create a decarbonation strategy for the entire property portfolio
Iulius has signed a partnership with IFC, a World Bank member, to create a decarbonation strategy for the entire property portfolio 2048 1152 ROMANIA PROPERTY CLUB

17.03.2023

IULIUS has recently signed a partnership with IFC, a member of the World Bank Group, for the purpose of developing a strategy to decarbonize the entire portfolio of the company and achieve net-zero emissions. IFC will use the Green Pathways for Real Estate Institutional Portfolios (GRIP) platform to provide solutions for defining, implementing and financing the plans of IULIUS to reduce greenhouse gas emissions and to reach CO2 neutrality as soon as possible. This would be the first such engagement in Romania.

IULIUS Palas, Iasi

IULIUS is consolidating its sustainability goals for the following years and has thus entered into a partnership with the International Finance Corporation (IFC), a member of the World Bank Group. IFC will use the GRIP platform to support the company in the process of putting together a plan of actions to help reduce the carbon footprint across the entire portfolio. “Buildings are responsible for a third of greenhouse gas emissions globally. Through this partnership, Iulius and IFC are helping to accelerate climate action in real-estate development”, said Ary Naim, Regional Manager for IFC in Central and Southeast Europe.

In fact, IULIUS has always built in an environmentally conscious manner and owns the only LEED (Leadership in Energy and Environmental Design) certified nationwide shopping mall network in Romania. This adds to the Palas Iaşi and Iulius Town Timişoara mixed-use projects and the 15 office buildings in the United Business Center network in Iași, Timișoara and Cluj-Napoca, which are all green building certified. “We are particularly excited about this new partnership, which will help us take our sustainability strategy to the next level. The company has already undergone a comprehensive process of implementing high standards of energy efficiency, sustainable management of green spaces, outdoor surfaces and waste, and other sustainable solutions, as confirmed by the LEED certifications. However, we want to contribute even more to maintaining a healthy environment by reducing the carbon footprint in all eight of our projects,” said Dan Adrian Chelaru, Group Sustainability Officer IULIUS. 

Examples of certifications 

  • Palas Iași – the only LEED® Neighborhood Development certified project in Central and Eastern Europe
  • All 15 buildings in the United Business Center network are LEED® certified, of which UBC 0 (the most recent certification) and UBC 3 Timișoara are LEED® Platinum certified.

In addition to meeting the highest modern technical requirements, their implemented solutions, comfort and safety, the projects developed by IULIUS also benefit from hundreds of bike parking spaces, electric vehicle charging stations, excellent access to public transit, all of which helps reduce the use of personal vehicles and cuts pollution. They are also the only real estate projects in Romania to include urban gardens, which are initial investment upwards of € 17 million.

In 2021 IULIUS also obtained the first green loan granted by IFC to a Romanian company, in the amount of € 72 million for Palas Campus in Iaşi. The ample office project, set to open this spring, is also undergoing a dual green certification process: EDGE (Excellence in Design for Greater Efficiencies) by IFC and LEED by the US Green Building Council.

Iulius opens second Family Market in Iasi, following a total investment of € 24 million
Iulius opens second Family Market in Iasi, following a total investment of € 24 million 1548 871 ROMANIA PROPERTY CLUB

09.12.2022

IULIUS inaugurated the second Family Market project, in the Bucium neighborhood of Iași. The proximity retail project brings services and products needed on a daily basis to the residential area that has seen constant development in recent years. McDonald’s Drive Thru, Auchan supermarket, Sinsay and 23 other local and national entrepreneurs provide the customized mix of products and services resulting from community consultation.

IULIUS Family Market – Bucium, Iasi

This year, IULIUS inaugurated two Family Market projects in Iași: the first in Miroslava commune, last summer, and now the one in the Bucium neighborhood. “It is an investment of 12 million euros and we have a retail area of 5,500 square meters, in which we have brought together 26 brands, which have created over 180 new jobs”, says Radu Pârlea, Shopping Center Manager Family Market. “Most are local and national, with fresh and healthy products, from florists, groceries, pastry shops, restaurants, to auto parts, barbershops and services that you need on a daily basis. The concept is designed to respond to the public’s interest in local consumption”.

The new project integrates a McDonald’s restaurant, the second location of the brand with Drive-Thru service and the fourth in the city of Iasi. The restaurant integrates the latest technologies, being equipped with digital screens for displaying menus, kiosks for ordering products. The anchor of the project is Auchan supermarket, a large format concept of more than 2,000 sqm, where customers can find more than 11,000 items on the shelves. The shopping offer is completed by: Sinsay, La Bottega, La Ciambella, Kosarom, Spartan, Fusion To Go (sushi), Dolciano, Dulcinella and Teo`s Café.

Iasi: “the tech darling” in North-East of Romania.
Iasi: “the tech darling” in North-East of Romania. 1200 800 ROMANIA PROPERTY CLUB

A strong university center, with two prestigious educational institutions – Alexandru Ioan Cuza University and Gheorghe Asachi Technical University – which together enroll around 40,000 students annually, Iasi has benefited from the well-trained workforce and attracted numerous investments from IT, BPO & SSC and auto industries. Subsequently, the local real estate market had a dynamic evolution, especially on the office & residential sectors. With a county population of 975,586, of which 391,024 are in Iasi, the annual GDP stands at 8 billion EUR.

With a well-educated workforce, Iasi attracted important employers, Amazon hosting here an important R&D center. The facility plays a major role in the city’s tech industry, employing skilled experts who are inventing new technologies in the fields of Cloud Computing, Information Security, Machine Learning and Data Analysis. Besides Amazon, Cognizant, Conduent, CRF Health, Almaviva, HCL, Basware, HCL, Basware, Accenture, E.ON, Harte Hanks are the major occupiers in the city. The office stock stands at 205,000 sqm, with a vacancy of 8% and a prime rent of 15 EUR, as indicates data from CBRE.

PALAS CAMPUS IASI

The modern retail stock reached 156,100 sqm, while the retail stock density (SQM/1,000 inhabitants) reached the level of 410. The city’s major retail schemes are Palas Mall (57,000 sqm) and Iulius Mall (25,000 sqm), both from the portfolio of Iulius Group and Mall Moldova (41,000 sqm) in the portfolio of Prime Kapital.

PALAS IASI

The logistic potential of Iasi is still untapped, considering the less developed infrastructure in the area and the city`s access to the Eastern routes of the country, which is less appealing for the institutional investors. Yet, several investors have started to show interest in the region in the recent years, most notably retailer Kaufland that works at its 3rd national logistic center in Miroslava.

LOGISTICS IASI
Read more Property News on Iasi

German company Infineon Technologies AG opened an R&D center in IULIUS Group’s Palas Iasi complex
German company Infineon Technologies AG opened an R&D center in IULIUS Group’s Palas Iasi complex 420 250 ROMANIA PROPERTY CLUB

12.10.2022

German semiconductor manufacturer Infineon Technologies AG is growing its presence in Romania by opening an office in Iași, located in the Palas mixed-use complex, an investment by IULIUS Group. The new research and development center will initially occupy a 600 sqm area, and will expand in the future. Infineon engineers working here create semiconductor solutions for the automotive industry.

The company currently operates an R&D center in Bucharest and is expanding its business to Iași, by opening an office in the United Business Center 3 office building in the Palas mixed-use complex.

“We are glad that Infineon Technologies decided to join the business community in Palas Iași, an established regional center for major tech companies that create essential solutions for a better life. Iași has grown a lot in the last 10 years and is on the radar of big companies in the most dynamic sectors of the economy, being an attractive city in terms of investments, competing not only with Bucharest, Cluj-Napoca and Timișoara, but also with other similar European cities,” said Ionuț Pavel, Office buildings Manager Palas Iași & Palas Campus.

The new center will accommodate specialists in the development of semiconductor solutions for safer, greener and smarter cars. The office has an initial area of 600 sqm and the company plans to expand in the future.

Infineon Technologies entered the local market in 2005, when it opened a research and development (R&D) center in Bucharest and has grown to over 500 engineers in Romania.

Infineon Technologies AG is a world leader in semiconductor solutions that make life easier, safer and greener. Microelectronics from Infineon are the key to a better future. With around 50,280 employees worldwide, Infineon generated revenue of about €11.1 billion in the 2021 fiscal year (ending 30 September 2021).

The United Business Center premium office space network developed by IULIUS Group includes 14 class A office buildings, with a total area upwards of 182,000 sqm, located in the urban regeneration projects in Iași (7 buildings – 75,600 sqm), Timișoara (4 buildings – 80,000 sqm) and Cluj-Napoca (3 buildings -26,200 sqm). All the buildings are designed, built and operated in an environmentally friendly and people friendly manner, so they are all either certified or pending certification in line with the LEED international sustainability standard developed by the U.S. Green Building Council.

In Iași, the business community formed in the Palas complex has grown steadily, attracted by the young and talented workforce generated by the university center and the modern office infrastructure provided by IULIUS. The interest of the business environment in the Group’s projects was the cornerstone for developing the new Palas Campus project nearby the Palas mixed-use complex. Palas Campus is the largest A class office building in Romania, with a gross leasable area upwards of 60,000 sqm; it is set to open early next year and is already fully leased.

IMPACT Developer & Contractor has increased its sales with 45% in the first semester of 2022
IMPACT Developer & Contractor has increased its sales with 45% in the first semester of 2022 420 250 ROMANIA PROPERTY CLUB

30.08.2022

IMPACT Developer & Contractor, the first real estate developer listed on the Bucharest Stock Exchange (stock symbol IMP), closes the first semester of 2022 with a 45% sales increase and a 64% gross profit increase compared to the same period of last year.

Thus, the developer obtained 90.3 million lei by selling completed units and a 35.23 million lei gross profit, with a 39% gross margin.

The sales increase is due to having completely finished the LUXURIA Residence compound located in Expozitiei area in Bucharest. In the first semester, IMPACT pre-contracted and reserved 177 new units in the company’s projects located in Bucharest, Constanta and Iasi. Thus, as of June 30, 2022, IMPACT had a total of 618 pre-contracted and reserved units, with a 363.1 million lei value, which will be recorded as income starting the second semester of 2022.

“We have quickly adapted to the new geopolitical context and managed to maintain a good pace of sales and pre-sales. Real estate remained one of the safest investment options and clients who wanted to secure their capital chose our projects due to the quality and sustainability of the developments. The first half of the year was, therefore, an effervescent one, with an intensification of operational activity, through the expansion in Bucharest and in other big cities of the country, a vertical consolidation at group level, and on the capital market, through the conclusion of capital increases, with a cash contribution and by incorporating reserves in a total amount of 45.4 million euro. For the second half of the year, we plan to accelerate production and continue expanding nationally. We are convinced that the ambitious project development program, along with the increase in free-float, will lead to better liquidity of IMP shares”, said Constantin Sebeșanu, CEO IMPACT Developer & Contractor.

As of June 30, 2022, IMPACT owned 89.4 ha of land with an EPRA value estimated at 786.5 million lei, of which 73.5 ha with immediate development potential, on which can be built up to 15,000 apartments, infrastructure and spaces for community services (schools, kindergartens, church, parks) and shopping centers, with a cumulative development value of over 1.5 billion euro.

By the end of the year, IMPACT will open GREENFIELD Plaza, which includes the Wellness Club by Greenfield, and will deliver over 300 new apartments. In the next 12 months, IMPACT plans to complete another 750 apartments and will start new investments nationwide for another 850 apartments, thus creating the conditions for a positive business development in 2023.

UNStudio’s solution won the international architecture competition organized by IULIUS for a new development in downtown Iasi
UNStudio’s solution won the international architecture competition organized by IULIUS for a new development in downtown Iasi 420 250 ROMANIA PROPERTY CLUB

01.07.2022

The architectural complex designed by UNStudio for the international competition organized in Iași by IULIUS company was selected by a specialist jury as the winning solution for an upcoming development set to become a contemporary landmark in the downtown area of the city.

Described by the members of the jury as “the most complete and balanced answer to the complete set of criteria in the competition theme,” the project proposed by UNStudio provided a highly creative and innovative solution to all the challenges generated by the specific features of this valuable and dominant historic and cultural heritage-laden site.

After two days of deliberations, the jury comprised of architects Șerban Țigănaș, Augustin Ioan, Dragoș Ciolacu, Mihai Corneliu Drișcu, and Matei Bogoescu, and historian Cătălin Turliuc, specialized in terms of heritage, urban planning, contemporary architecture and public realm enhancement, named the winner of the international architecture competition that challenged contenders to propose a contemporary architectural complex that would complete the current urban landscape of downtown Iași, that is defined by iconic landmarks of various architectural ages.

The four solutions submitted by the reputable architecture firms that were invited have equally demonstrated remarkable depth of research and knowledge of the complex and particular context of the construction site for the upcoming development. The strategies for addressing this context have been different, none of them failing to pay attention to the quality of public spaces, to the essential views toward historical monuments, to nature and the social component, and to highlighting recent archaeological discoveries in the area.

“Bridging Time, Bridging Communities”

The project was created by UNStudio from Amsterdam architects and was developed following the “develop around the theme of City Horizon” principle. In its reasoning, the jury concludes that “the volume is flat and the lowest of all the proposals. The horizon of the city is in fact an extension of the plateau of the Palace of Culture Square, which lends itself to a 360 degrees panoramic view of Iasi and its urban scape. The spatial connection between upper and lower levels of the site is mediated by the planted parcourse, a real oasis.”

IULIUS Company has organized this competition, wanting to develop a project based on the city residents’ vision, the expectations of a community and the aspirations of a generation.

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