infrastructure

Romanian premiere: Foster + Partners, a world leader in contemporary architecture, is designing IULIUS’ developments in Constanța and Iași
Romanian premiere: Foster + Partners, a world leader in contemporary architecture, is designing IULIUS’ developments in Constanța and Iași 750 536 ROMANIA PROPERTY CLUB

IULIUS Company, one of the largest real estate developers in the country, marks a new strategic development stage and will collaborate with Foster + Partners, one of the most innovative and world-renowned architecture firms, to implement the company’s new urban development vision. The two projects that IULIUS is developing in Iași and Constanța will harness Foster+Partners’50-plus years of global expertise.

The architects’ holistic approach will be reflected in these two major projects:

  • Palas Iași reconfiguration: the company’s landmark project and its best-performing one in the retail segment outside the Capital will be reconfigured to meet the current demands of the market and the community. The transformation will highlight the uniqueness of the location by integrating the Palace of Culture and positioning it in the city’s civic and cultural center and thus enhancing the visitor experience.
  • Large-scale urban reconversion project in Constanța: an investment upwards of 800 million Euro targeting the Oil Terminal platform, which will be completely decontaminated and reconnected to the rest of the city, in a modern, vibrant, and sustainable urban environment. The concept proposed by Foster + Partners offers a vision for the redevelopment of this area, now completely isolated from the rest of the city, transforming it into an attractive hub, with integrated functions that will support the economy, tourism, and social life. The project will revitalize Constanța and strengthen the city’s status as a strategic economic, social, and cultural hub, while contributing to regional and national competitiveness.

“Our entire activity over the past 25 years has revolved around projects that transform cities into better spaces for communities. The projects initiated with Foster + Partners are two of the most complex initiatives we have undertaken so far. In Iași, we are upgrading an existing complex in an iconic historical location, where reverence for the surrounding monuments, such as the Palace of Culture, is paramount. In Constanța, we are likely dealing with one of the largest decontamination projects in Europe and the opportunity to give an identity to an area currently isolated and contaminated. We propose to fully reintegrate this urban space, now an enclave, into the city and transform it into a vibrant center with functions that the city currently lacks. With the expertise of Foster + Partners architects and by working closely with the authorities and the respective communities, we are confident that we can implement a vision that redefines urban development standards in Romania,” said Iulian Dascălu, President of IULIUS Company.

“We are honored to work with IULIUS in addressing the challenges of urban regeneration in two cities of great significance in Romania. Both the Palas Iași project, with its historical and cultural complexity, and the reconversion of the platform in Constanța, a large-scale industrial area, offer opportunities for creating lasting positive impact. It is rare to find a developer with the courage and vision to take on such ambitious challenges. We are proud to lend our expertise and we are confident that, through this collaboration, we will transform these locations into sustainable and attractive destinations, serving as models for the future,” said Maximilian and Daniel Zielinski, Senior Partners Foster + Partners.

FIA Imobiliar BT Property acquired Prima Shops Oradea
FIA Imobiliar BT Property acquired Prima Shops Oradea 1600 777 ROMANIA PROPERTY CLUB

The BT Property Alternative Investment Real Estate Fund, managed by BT Asset Management SAI SA, is expanding in the retail market by acquiring Prima Shops Oradea park from Oasis Group. It has over 9,000 sq m and is located in a prime area of the city.

BT Asset Management SAI SA announced in May 2024 the fund’s entry into the retail market and its objective to expand. Since its launch in 2022, BT Property has reached assets of €40.4 million. The fund has so far invested in real estate assets providing premium conditions in the retail and office area and in healthcare buildings.

BT Property is aimed at professional investors and is set up for an indefinite period. It is the first alternative investment fund specializing in real estate investments, authorized in Romania by the Financial Supervisory Authority.

BT Asset Management SAI SA is one of the leaders in the Romanian investment management market and is part of the Banca Transilvania Financial Group. The company manages 17 investment funds, with investments in a broad spectrum of financial instruments, including real estate investments. The asset management business started in 2005 with 500 clients and has grown to over 250,000 investors and approximately RON 6 billion in assets under management.

MEDCITY Begins Construction of the First Dedicated Medical Hub in Timisoara
MEDCITY Begins Construction of the First Dedicated Medical Hub in Timisoara 1080 1452 ROMANIA PROPERTY CLUB
  • MEDCITY expands its network to 11 buildings in Romania, introducing the medical hub concept in one of the country’s most dynamic economic centers in the western part.
  • Over €7 million invested in a project set to become a landmark in the local healthcare system.
  • Currently, 40% of the project is already leased.

MEDCITY, the only developer in Romania exclusively focused on real estate concepts dedicated to the healthcare sector, announces the start of construction for the first medical hub in Timișoara. MEDCITY aims to transform a commercial building into a benchmark ecosystem in the healthcare domain, facilitating access to high-quality medical services provided by renowned operators. This hub will become a unique medical destination, designed to make a positive social impact on the local community.

Located centrally on Corneliu Coposu Boulevard, near the Bega River promenade, the MEDCITY hub is easily accessible: just a 15-minute walk from Victory Square, a 5-minute drive from the County Emergency Clinical Hospital and the “Victor Babeș” University of Medicine and Pharmacy, as well as other public and private medical institutions.

The new MEDCITY Timișoara project aims to create a premium medical ecosystem where medical operators—tenants within the building—will offer innovative services in a modern, safe environment, fully compliant with medical infrastructure regulations.

The MEDCITY Timișoara medical hub will serve as a unique synergy platform, fostering collaboration among healthcare service providers and enhancing access to quality care for the local community.

“MEDCITY Timișoara will be more than just a medical facility; it will function as a collaborative space where top healthcare providers unite under one roof to deliver high-quality care to the local community. We are excited to inaugurate this center of medical excellence, which we are confident will become a reference point for the entire community,” stated Alexandros Diamantis, Managing Director of MEDCITY.

The building will offer approximately 1,100 sqm of leasable space across four floors, exclusively dedicated to medical services and related activities. The €7 million investment includes the building’s conversion and the installation of state-of-the-art equipment. Currently, 40% of the MEDCITY Timișoara project has already been leased, and the building is scheduled to open in the spring of 2025.

MEDCITY Timișoara will include specialized features to ensure optimal ergonomics and safety for medical professionals and patient comfort. It will also include special facilities such as lifts for people and stretchers, easy access for individuals with disabilities, multiple entry points, backup water and electricity sources, and more. The building is designed to meet the nZEB (nearly Zero-Energy Building) standard, ensuring low energy consumption during operation.

In Romania, MEDCITY owns a portfolio of 11 buildings across several cities, making it the largest network of properties specifically designed for medical services. These properties represent over €30 million in investments, offer a total leasable area of over 20,000 sqm, and boast a 95% occupancy rate across the portfolio. MEDCITY plans to develop new projects in Bucharest, Cluj, and other key locations nationwide.

Nhood Services Romania supports Spartan Restaurant chain’s international expansion into Spain and Poland
Nhood Services Romania supports Spartan Restaurant chain’s international expansion into Spain and Poland 1080 607 ROMANIA PROPERTY CLUB

Bucharest, November 2024: Nhood Services Romania, a provider of integrated real estate services, has been selected to support the international expansion of the Romanian restaurant chain, Spartan. This partnership will facilitate the opening of new Spartan restaurants in Spain and the brand’s entry into the Polish market. Known for its modern take on Greek cuisine, Spartan operates in the Quick Service Restaurant (QSR) segment, offering an innovative alternative to traditional fast food, with 70 locations in Romania and one restaurant already established in Castellon, Spain.

Nhood has been appointed as a consultant for Spartan’s franchise expansion into Spain and Poland. The collaboration involves key activities critical to the brand’s long-term success in these new markets, including identifying and selecting franchise partners as well as finding the best locations for future Spartan restaurants. While Spain and Poland have distinct culinary traditions and specific market behaviors in the Food & Beverage sector, the QSR segment, in which Spartan operates, is experiencing growth, offering the Romanian brand a promising opportunity.

“The launch of our collaboration with Spartan marks an important milestone in diversifying our services, demonstrating Nhood’s ability to be a reliable partner for local brands in their international expansion efforts. We are excited to offer Spartan our full support, from finding local partners to selecting prime locations for their new restaurants, contributing to their success in Spain and Poland. Projects like this highlight Nhood’s development strategy, providing integrated solutions for ambitious brands ready to expand internationally,” stated Gabriela Piștalu, Head of Property & Asset Services at Nhood Services Romania.

“This collaboration is strategically significant for Nhood as it represents our first international expansion project for a brand via franchising, executed simultaneously in multiple countries. This partnership allows us to leverage our extensive real estate expertise and showcase our ability to manage complex projects across diverse European markets. At the same time, it confirms Nhood’s capacity to adapt its services to meet the specific needs of our clients, offering unified but tailored solutions based on our deep understanding of the local markets we operate in. Supporting brands in their international growth and helping them find the best solutions for sustainable development is a key priority for Nhood,” stated Bogdan Aldea, Head of Business Development at Nhood Services Romania.

Nhood’s expertise in managing complex real estate projects, combined with its network of local and international partnerships, ensures that Spartan’s expansion will be implemented efficiently and in alignment with the specifics of each market. With extensive experience in managing commercial spaces and facilitating durable partnerships, Nhood is well-positioned to identify optimal locations for each brand, reinforcing its status as a trusted partner for expanding brands across European markets.

Transilvania Constructii Announces a New Warehouse in TRC Park Arad Starting with 2025
Transilvania Constructii Announces a New Warehouse in TRC Park Arad Starting with 2025 1920 1080 ROMANIA PROPERTY CLUB

In the spring of 2025, Transilvania Constructii will introduce a new modern Class A space to the market, located in TRC Park Arad, specifically designed to meet the high-performance and flexibility demands of the logistics and industrial sectors.

Warehouse A3 offers a total area of 4,710 sqm, divided into 4 modules ranging from 1,119 to 1,148 sqm, each including a dedicated 43 sqm office space.

Available for lease either in full or by individual modules, the space is ideal for companies seeking a cohesive and unified setup, with all operational components in a single location.

With direct access to Arad’s ring road and situated only 5 km from the city center, this modern facility is strategically positioned for businesses that require swift access to European markets.

For more details, please visit the link.

BRCC x RPC – REAL ESTATE CONFERENCE 2024
BRCC x RPC – REAL ESTATE CONFERENCE 2024 1920 1080 ROMANIA PROPERTY CLUB

The Romanian Diversity Chamber of Commerce (RDCC) and The British Romanian Chamber of Commerce (BRCC) are pleased to announce the Real Estate Conference 2024, set to take place on November 5th, 2024 at The Marmorosch Hotel in Bucharest.

This event will gather leading professionals, legal experts, and design innovators to explore the future of accessibility and inclusive design in the real estate sector. The conference is open to industry professionals, developers, architects, and anyone interested in the evolution of real estate towards a more inclusive future.

“The Real Estate Conference 2024 is a pivotal platform for fostering dialogue on the importance of accessible and inclusive design,” said Lestat Monroe, founder of the Romanian Diversity Chamber of Commerce. “As we look towards the future, it’s important that our real estate developments reflect the diverse needs of all community members. This conference will highlight the strategies, legal frameworks, and innovative designs necessary to create truly inclusive spaces.”

“This conference will serve as a key platform to explore new innovations shaping the real estate and construction industries, while also highlighting the critical importance of inclusivity. Attending the conference offers a great opportunity for industry professionals to come together, share expertise, and collaborate on building a more accessible and inclusive future.”, said Madalina Ciinaru – Head of British Romanian Chamber of Commerce, Bucharest Office

The key panel “Building the Future: Accessibility and Inclusive Design in Real Estate” will delve into the critical aspects of making real estate developments accessible for everyone.

More info about the event here: Innovating Real Estate and Construction: Trends and Inclusiveness | BRCC

Timisoara shopping spree
Timisoara shopping spree 2560 1707 ROMANIA PROPERTY CLUB

The modern retail stock in Timisoara remained stable in the past 12 months, given that the city has one of the highest retail densities nationwide and also reflecting investors’ and retailers’ trust in the long-term economic strength.

Prime rents for shopping center peaked at 55 EUR/ sq m, whereas retail parks rents ranged between 9 to 14 EUR/sq m, marking the city’s high cost for suitable development land.

Following the inauguration of Ikea from 2023 (first expansion outside Bucharest), in 2024 Primark enhanced the city’s attractiveness.

The retailer confirmed Timisoara’s robust and growing economy, by choosing the city as the second destination in Romania and executing a 10 million EUR investment. The tenant that generates high traffic due to its business model set grounds in one of the city’s most appealing shopping destinations – Iulius Town. An impressive mixed-use development, the town’s go-to destination in terms of enjoying modern amenities, Iulius Town represents a key meeting point in the city, due to the synergies generated by the compound. Thousands of white-collar workers are served 5 days a week through the 80,000 sqm office component and convention center, whereas, during the weekends locals enjoy the perks offered by outdoor meeting spaces created by Iulius Gardens. 102,000 sq m of shopping space, the second largest after Bucharest, responds to the needs of all residents and the nearby border population (Serbia, Hungary). In addition to the well-designed service point for the city, a clever asset management team keeps the community engaged through events such as the Street Food Festival, Leisure Sports Festival, racing, and influencer campaigns.

“For Iulius Town, this year was very good, both in terms of new retailers, but especially in terms of the two relevant parameters in the industry, sales and traffic, increasing compared to 2023. We are also happy that, together with the major inaugurations of this year, as was Primark, in August, with the first store outside Bucharest, and Lefties of the Inditex Group, which will open, this autumn, the second Digital Store in Romania, Iulius Town has become the only shopping center that includes all the major fashion anchors present on the market in our country.”

“In recent years, our major concern has been to generate as many experiences as possible for the millions of customers who choose us. Now, we can say that we have a complete shopping center: the largest number of HORECA units and the largest food court in Romania, the best mix of sports shops, the largest diversity of experience and edutainment destinations – park, playground, cinema, fitness center, kindergarten and primary school -, and a medical hub with ultra-specialized services,” said Cristina Brătuianu, Development & Operational Retail Leasing Specialist, IULIUS

Shopping City Timisoara, the other large retail scheme in town, is spanning over 70,000 sq m GLA. The project was designed around complementary shopping needs (brought along a Dedeman big-box) and serves a large catchment area on the west and south sides of the city.

Increased residential development in recent years has created new opportunities for proximity retail formats: 40,000 sqm are under construction with delivery dates up to the end of 2025.

RETAIL PARKS UNDER DEVELOPMENT
PROJECT GLA SURFACE – SQM ESTIMATED INAUGURATION DATE
Esquire Commercial Timisoara, Strip Mall -Calea Torontalului 4,200 Q4 2025
Calea Torontalului Retail Park 4,495 Q2 2025
Prima Shops Lugoj 12,000 Q3 2025
Retail Park Sanandrei 9,000 Q4 2025
Max Village Sacalaz 9,000 Q4 2025
Centrul Comercial Cetatii Timisoara 2,500 Q4 2024
TOTAL SURFACE UNDER DEVELOPMENT 41,195

Source: Hitch & Mosher

The increase in average wages, coupled with a lower housing cost than the other regional poles, leads to a more generous disposable income that powers the retail space.

Local office market registers slowdown
Local office market registers slowdown 720 480 ROMANIA PROPERTY CLUB

The office market in Timisoara registered a slower pace, in line with the regional office markets across Romania for the past few years.

The local modern stock amounts to approximately 300,000 sqm, with headline rents ranging between 13.5-15 EUR/sqm/month.

During H1 2024, the total market activity amounted to 5,000 sq m, half of last year’s total market activity. This is significantly lower than the traditional ~30,000 sqm / year leasing volume in Timisoara. While Cluj fared better during this particular year, with close to 30,000 sqm let, if we analyze the main office markets outside Bucharest (Cluj, Iasi, Timisoara, Brasov) for the past 3-4 years, we will notice an overall slowdown.

If in Bucharest the leasing pace is strong, even accounting for the downsizing and renegotiation trends. The regional cities had a different dynamic in the past three years. The reasons are multiple:

  • Switch in working patterns – hybrid/work from home allowed for employment across the country, with fewer reasons to secure regional hubs; that being said, companies still need a meeting and training point.
  • Recruitment challenges: while in some cities challenges are represented by strong competition among employers that would drive salaries up in margin-focused businesses (strong presence in Iasi and Timisoara), others are more fundamentals – meaning difficulty in recruiting for the right technical skills. Timisoara’s authorities’ efforts to improve student housing, lifestyle appeal to youth, and increase net wages are crucial to the economic future of the city.

“The first half of this year was challenging; the office market being influenced by the macro-level evolution of the economy. However, the IULIUS company has a solid portfolio of partners, which has grown organically, and fluctuations in our network of office buildings have been minimal, managing to maintain a 100% occupancy rate. Particularly for this year, requests came from the medical sector. “

“We have succeeded in consolidating a unique specialized medical hub in the Iulius Town mixed-use project. The integration of medical operators required compliance with specific requirements much more complex than those of an ordinary tenant, because we are talking about spaces that must meet certain rigors. We are extremely satisfied that we managed, together with our tenants, to integrate all requests and have, today, an extended range of such services”, said Laurențiu Manea, Office Buildings Manager, Iulius Town Timisoara

Benchmarked against Iasi, one of the meaningful regional office markets, with 0 Class A square meters left during the first six months of the year – Timisoara performed by accounting for 15% of the office demand outside the capital city. The vacancy rate for the local market was maintained at around 14.5%. Besides the office component from Iulius Town, another important development is AFI Park Timisoara, a legacy project owned by AFI Europe.

New infrastructure updates create logistics opportunities
New infrastructure updates create logistics opportunities 2560 1440 ROMANIA PROPERTY CLUB

In Q4 2024, the new 25 km South Belt Motorway is estimated to be finalized. The final part of the Timisoara motorway, the 14 km West Belt, shall break ground soon, as the bidding process for a constructor has been completed. The motorway is an important plug for the recently approved 3bn EUR A9 highway, connecting Timisoara to Moravita. A9 will increase the flow of goods and commercial exchange between Romania and Serbia. Another important development is the approval of opening a new border control point at Beba Veche, to decongest Nadlac.

The industrial market in Timisoara is steadily growing, with a modern stock of 742,300 sqm, representing 10.5% of Romania’s total volume of Class A/B+ warehousing capacity. While the vacancy rate slightly increased to 8.2% (vs 6.8%), the second largest industrial hub in the country registers solid market activity, with approx. 60,000 sq m let in H1 2024, 15% of the overall market take-up. Considering the leasing pace, the c.a. 60,000 sq m available and the 66,500 sqm under construction, should sustainably be absorbed by the market promptly. Prime asking rent-stabilized at 4.3 EUR/sqm, with tenants such as Hexing Technologies Europe confirming the region’s strategic location.

One of the key developments during the past year is the consolidation of CTP Park’s presence in Timisoara, following Globalworth’s exit from its industrial portfolio.

VGP is also growing its footprint in Timisoara, through a new 33,000 sq m warehouse under development. The investor secured a blue chip anchor tenant – Continental Tyres, for 20,000 sqm. VGP Park Timisoara is strategically located near the airport, making it an important logistics and industrial hub. The park already hosts seven completed buildings, serving clients across various sectors including transportation, logistics, courier services, automotive manufacturing and electronics. Spanning a land area of 349,098 sqm VGP Park Timisoara offers a total leasable area of 178,861 sqm, with 10,728 sqm currently available for new tenants. The park provides flexible expansion options, modern and innovative facilities, comprehensive support services, cost-efficient operations, and access to a skilled workforce.

Artemis Romania, a Swiss family office owning circa 170ha in strategic locations across Timis, delivered a 10,000 sq m unit for Mondo Style. Other new names that have accessed the Timisoara production market in the past 12 months include Syntronic and Topband.

Located along the Pan-European Corridor IV, which connects Germany and Turkey, Timisoara has access to the Pan-European Corridor VII due to the Bega Canal. The West Region of Romania is the second largest, following Bucharest Ilfov, with a stock of over 1 million sqm modern industrial & logistic spaces.

The progress registered by the infrastructure updates will most certainly unlock new development opportunities in the medium and long term. Industrial & logistics developers might access more affordable land plots and talent pools along the new infrastructure lines, with a value proposition of timely delivery of goods to Western Europe.

© Romania Property Club, 2025 — All rights reserved.

Start Typing