Timisoara

Hexing invests in 8,000 sqm facility in Timisoara

Hexing invests in 8,000 sqm facility in Timisoara 2560 1706 ROMANIA PROPERTY CLUB

18.03.2024

Hexing invests in 8,000 sqm facility generating over 100 high value jobs in Timisoara, at Globalworth Timisoara Industrial Park I, assisted by CBRE.

The new facility of Hexing Technologies Europe SRL, a subsidiary of the Hexing Group and a leading green energy solution provider, set within the thriving Timisoara Airport Park, will serve as a hub of innovation, extending Hexing’s digital energy service footprint across Europe. As part of Hexing’s long-term vision to build a greener world, the state-of-the-art facility will serve as a center of excellence to produce advanced smart metering solutions, including intelligent electricity and water metering systems, distribution automation solutions, solar inverters, batteries, and electric vehicle chargers.

Timisoara I Industrial Park is strategically located near the international airport, and offers high-tech buildings for manufacturing, warehousing, and logistics operations. The park is part of the recent transaction between Globalworth and CTP, in which CTP bought the logistic portfolio of Globalworth from Timisoara, Arad, Oradea and Pitesti.

“Timis is probably the most sought-after market by energy players, who have reached a level of maturity which requires already production facilities, not just energy land” explained Mădălin Aresmerițoaie, Senior Consultant Industrial & Logistics Services, responsible for the West/North-West market at CBRE Romania. “The Manufacturing sector is growing, returning to the pre-pandemic trend which is a sign of Romania’s health – in 2023 we recorded 18% of total leasing activity. We are pleased that we have designed the best scenario for Hexing, helping them to identify the optimal location both in terms of current scale and expected growth in the coming years.”

The establishment of this facility aligns with the Romanian regulator ANRE’s 2019-2028 smart meter development directive, further emphasizing Hexing’s contribution to the advancement of Smart Grid 2.0. This strategic initiative underscores Hexing Europe’s commitment to becoming a leading local manufacturer within the European Union while fostering technological innovation in the region. The facility’s advanced manufacturing capabilities will ensure shorter delivery times, catering to the demands of both the local market and beyond.

Through the establishment of this facility, Hexing Europe will forge a close partnership with local partners. This collaboration will enable Hexing Technologies Europe SRL to provide enhanced pre-sales and after-sales support, contributing to the seamless integration solutions in Romania and other European Union countries. Furthermore, the facility’s advanced manufacturing capabilities will ensure shorter delivery times, catering to the demands of both the local market and beyond.

Largest regional logistics hub gathering 1.7 mln. modern sq m, the Western / North-Western sub-market accommodates through important cities such as Timisoara and Cluj-Napoca both developers and tenants internationally renowned, enjoying country’s western border proximity. Skilled labour force and the gate to Western Europe, makes the West / North-West area the most sought after regional sub-market by developers and investors.

Timis county claims the largest share of modern industrial stock region wise and hosts numerous production, logistics and storage facilities where developers capitalize on the synergy created by the strategic location, infrastructure, and skilled workforce and 87% of the modern stock is class A. Also, the West / North West part of the country is set to be the largest recipient of the future new supply, respectively 45%, followed by Bucharest with 32% and East / North East region with 14% from the total.

 

 

 

Timisoara logistics pipeline: 40,000 square meters

Timisoara logistics pipeline: 40,000 square meters 1440 1080 ROMANIA PROPERTY CLUB

29.10.2023

 Timisoara is the second most developed industrial & logistics market outside Bucharest, with a total modern stock of 733,000 sqm (c.a. 11%) and more than 40,000 sqm under development. Its outstanding proximity to Western Europe, the border, and plug into the TEN-T infrastructure made Timisoara the go-to hub for manufacturing and logistics. 

VGP, Timisoara

In terms of production, the most developed sectors are computers, electronics & optical equipment, automotive, electrical equipment, rubber & plastics. Global industry giants set foot and subsequently expanded in Timisoara. Continental, TRW Automotive, Hella, Draexlmaier, TE Connectivity, Kimball, and Flextronics are just a few select names that contributed to one of Romania’s strongest production hubs.

The total leasing activity for the first half of 2023 amounts to 88,000 sqm, leading to a vacancy rate of 6.8%. A market equilibrium is considered when the vacancy rate reaches 8%; below this threshold, the market is considered to be a landlord’s market. The status quo is reflected in the rise of headline rents to 4.25 EUR/sqm and the continuous plans for the development of established professional developers. The region concentrates on the operations of the four strongest industrial & logistics investors and developers. CTP, WDP, VGP, and Globalworth have extensive footprints in Timis. The first three companies rely on the economies of scale, network effects, and relative value provided by their extensive pan-European presence and ability to serve a variety of client needs. 

CEE-focused investor, Globalworth, seized the opportunity to serve some of the world’s most reputable companies in consumer goods, automotive, electrical equipment, and logistics. Encompassing 58 ha, Timisoara I&II industrial parks span over 132,000 sqm of existing GLA and offer 185,000 sqm for built-to-suit requirements. Global Vision also acted as a general contractor and asset manager for the Continental site.

VGP owns 35 ha in Timisoara, with a total built capacity of up to 180,000 sqm. Presently, it hosts retailers, distribution, and logistics operators due to its strategic location. VGP Park Timișoara, although currently fully leased, still has expansion possibilities.

WDP invested in two sites totalling c.a 22 ha and 156,000 sqm GLA in the proximity of the A1 highway and Traian Vuia International Airport. Blue chip tenants in retail, consumer goods, and logistics thrive in the spaces managed by the Belgian operator.

CTP owns almost a third of the total modern stock in Timisoara – 220,000 sqm. The three industrial parks (Ghiroda, Sud, Vest) are built over more than 34 ha and offer development opportunities for more than 200,000 sqm subject to tenant demand. Major transportation, logistics, distribution, and courier services occupy large areas within the CTP Timisoara business parks.

Other notable industrial & logistics investors and developers in Timis include Logicor, Artemis, and Transilvania Constructii. The local authorities are prepared to bid for international clients as well. The 60-ha Freidorf Industrial Park is split into various parcels with all the utilities on site and can be concessioned for up to 49 years, with an extension option. It is important to note that companies can benefit from tax abatements subject to a transparent scale tied to the total investment amount and headcounts. In addition, any green buildings benefit from further property tax reductions.

Timisoara is not only a strong manufacturing base for global giants or a key point on the map for pan-European investors and developers. It is also a strong entrepreneurial hub. The inherent know-how transfer from international investors, a niche of opportunities to serve global clients with a core business model, and the entrepreneurial worldview set the base for strong local transportation, distribution, auto, and IT production companies.

Timisoara is set to maintain its steady course and potentially expand its service sector, as this avenue is fully supported by an educated workforce and a critical mass of capital.

Timisoara: one of the highest retail densities in the country 

Timisoara: one of the highest retail densities in the country  1600 899 ROMANIA PROPERTY CLUB

28.10.2023

The modern retail stock in Timisoara is well developed, registering one of the highest retail densities in the country (1,055 sqm per 1,000 inhabitants), reflecting investors’ and retailer’s trust in the long-term economic strength and resilience.

Iulius Mall, Timisoara

The investors’ focus on this city determines a dynamic land market. Data from local consultancy company Hitch & Mosher show that prices for permitted plots vary between 35-60 Euro/sqm for logistics developments, 113-350 Euro/sqm for retail developments and 155 up to 1,490 Euro/sqm for residential and mixed-use schemes.

The 265,000 sqm total stock consists of approximately two-thirds modern shopping centers and a third is reserved for commercial galleries and retail parks. The two dominant schemes are Iulius Town and Shopping City Timisoara, built by two of the most experienced retail developers (Iulius Group and Nepi Rockcastle, respectively).

The first modern mall was delivered by Iulius Group in 2005, as part of the integrated mixed-use development of Iulius Town, a 220 mil EUR investment. In addition to the office component, United Business Center, the scheme features a large exhibition & events center offering up to 2,250 seats for corporate set-ups and a fitness & wellness center managed by the country’s most experienced operator – World Class.

Iulius Mall, the first modern shopping center in the city benefited from an extension in 2019, reaching 102,000 sqm, making it the largest shopping area outside of Bucharest. It hosts the most representative retailers, such as Peek & Cloppenburg, iStyle (Apple partner), Calvin Klein Jeans, Inditex Group (Zara, Stradivarius, Pull & Bear), Guess, H&M, C&A. Cinema City operates a modern 12-room movie theatre.

Nepi Rockcastle inaugurated a 90 mil EUR new development at the end of 2015. More than 70,000 sq m GLA are occupied by Peek & Cloppenburg, Sephora, Levi’s, US Polo Assn, Inditex Group (Zara, Stradivarius, Pull & Bear), Reserved, Intersport, C&A, H&M, and other service, fashion, and food & beverages operators, as well as a Cinema City. In addition, the scheme is completed by a 10,000 sq m Carrefour supermarket and a 16,000 sqm Dedeman DYI that provide a complete shopping destination.

IKEA is one of the most prominent retailers that expressed trust in Timisoara by opening earlier this year its third store in Romania, the first outside the capital city. The 60 mil EUR investment covering more than 26,000 sqm is a BREEAM-certified big-box. The store serves both Timisoara and the wider West region – the most dynamic outside Bucharest-Ilfov. 

Smaller commercial galleries address a wide pallet of the city’s shopping needs. From legacy (Bega Shopping Center department store) to newly built (Sud Plaza) cost-efficiency retailers serve the needs of a wide spectrum of budgets and price-quality ratios. Scallier, through its FunShop brand, serves the city through two 11,000 sqm units, out of which one took over from Prima Shops. Both units are anchored by discounters (Kaufland, Penny, and Lidl).

While the relatively high retail density doesn’t make new developments likely for the foreseeable future, it is important to note that the existing retail schemes not only serve Timisoara Timis and neighbouring counties. Hungarians and Serbs often cross the border to find items and retailers which are not present in their area. Therefore, the real catchment area is larger than the official 320,000; thus, the real retail density is more sustainable and in line with other regional poles.

Skilled workforce attracts and retain big employers in Timisoara, the city becoming Romania’s third office market

Skilled workforce attracts and retain big employers in Timisoara, the city becoming Romania’s third office market 1684 1080 ROMANIA PROPERTY CLUB

27.10.2023

Relative to population and student migration patterns, Timisoara enjoys a right-sized stock of modern offices amounting to 300,000 sqm, with an expected pipeline of at least 24,000 sqm. The vacancy rate rose close to 15%, similar to Bucharest.

Iulius Town, Timisoara

Headline rents for class A offices range from 14.0 to 15.5 EUR/sqm/month. During 2022, Timisoara registered the strongest office demand outside Bucharest (more than 50,000 sqm). However, during the first half of 2023, the demand was modest, in line with Q1 2023 in the capital city. The slowdown does not discourage existing or new schemes to develop during the next 18 months.

IULIUS TOWN Timisoara is the city’s main urban regeneration mixed-use scheme that Iulius Group rolled over Romania’s most important regional poles. The project is a large integrated retail–office development. United Business Center, the office component, offers more than 80,000 sqm of modern LEED Certified class A infrastructure to numerous tenants in the IT&C and automotive sectors. The impressive roster of blue-chip tenants features Amazon, IBM, Microsoft, Endava, Bitdefender, Intel, Atos, Ness Digital, Cognizant, Autoliv, NTT Data, Visma Software, and many other reputable companies. The benefits offered by the city’s dominant retail scheme, along with medical educational and leisure facilities within walking distance made the case for employers looking to attract talent.

The first landmark modern office development in Timisoara is the City Business Center, presently named AFI Park Timisoara. Totaling 48,000 sqm over 5 buildings with modular floor plates, the property is home to reputable technology and support centers of multinational companies such as Wipro, Accenture, SAP, Hella, etc.  Facilities such as retail areas, a sky bar with a panoramic view, and a 5’ walking distance of the old city contributed to the resilience of the scheme that delivered its first building in 2006 and the last in 2015. The most notable fact about the property is that it is the only large commercial building sold twice in the city. NEPI Rockcastle purchased the project from local developer Mulberry Development and later sold it to AFI Europe.

Mulberry Development invested the proceeds into a mixed-use multi-phased project, called ISHO. The scheme includes a residential and a hotel (future Radisson Blu) component, a 700-spot multi-story parking, and a three-phased integrated office development spanning over 50,000 sqm of class A offices. Large occupiers such as Bosch Service Solutions, Visteon, Canon, SSI, Regina Maria, Deloitte, and KPMG chose ISHO as their operating base in the region.

In terms of future deliveries, it is important to flag that one of the established developers in Bucharest extended its presence in Cluj and Timisoara. Speedwell is developing a mixed residential–office scheme located on the former Paltim factory. Ultra-centrally located, overlooking Bega River, the 16,000 sqm of brand-new offices and old villa reconversion are expected on the market by the end of 2024. The developer announced earlier this year it has acquired 24,000 sqm of land, the former 1 iunie textile factory, where it intends to build a multi-purpose scheme – residential, offices and retail.

One of the items that commercial developers should account for in Timisoara is the generous centrally located landbank, as 25% of the city’s area is still unbuilt, according to the City Hall. While this might seem attractive as it allows for competitive land acquisition, it is important to pace development and carefully plan an exit. The low unemployment rate, the variable number of students, and their desire to live in the city postgraduation are to be accounted for when planning an investment, due to the possibility of competitive schemes that can benefit from a good location.

Strong fundamentals for a new development stage of Timisoara

Strong fundamentals for a new development stage of Timisoara 1620 1080 ROMANIA PROPERTY CLUB

26.10.2023

With a strategic location offering access to pan-European road infrastructure and a skilled educated workforce, doubled by efforts of local authorities both in terms of infrastructure projects and cultural programs, Timisoara catches the eye of both institutional and local real estate investors.

Cathedral, Timisoara

The investors’ focus on this city determines a dynamic land market. Data from local consultancy company Hitch & Mosher show that prices for permitted plots vary between 35-60 Euro/sqm for logistics developments, 113-350 Euro/sqm for retail developments and 155 up to 1,490 Euro/sqm for residential and mixed-use schemes.

Timisoara represents Romania’s third office market, following Bucharest and Cluj-Napoca. Some big occupiers such as Amazon, IBM, Microsoft, Wipro, Hella or Accenture established offices locally. The modern office stock amounts for 300,000 sqm with another 24,000 sqm in the pipeline.

Residential sector was affected by the same turbulences which impacted the national housing market in 2023. While demand for residential for sale is lowering, residential for rent is seeing a noticeable increase. Data from imobiliare.ro shows an increase in demand of 44% in the last two years for rented apartments.

The city enjoys one the highest retail densities from Romania with a ratio of 1,055 sqm per 1,000 inhabitants. The total modern stock amounts to approx. 265,000 sqm with some significant projects. Iulius owns here a 102,000 sqm development, the largest shopping area outside of Bucharest.

Timisoara is the second most developed industrial & logistics market outside of Bucharest, with a moder stock of 733,000 sqm and more than 40,000 sqm under development. All major players are present locally: VGP, Globalworth, CTP and WDP.

Hotel sector is one of the most under-developed, with only 331 rooms built during the last ten years. “Timisoara European Capital of Culture 2023” is expected to bring future opportunities. In this respect, four new 4* & 5* branded hotels, totalling 416 rooms, are under development with delivery dates between 2025 – 2026.

Under those circumstances, Timisoara remains one of the strongest real estate hubs outside Bucharest, set to enter a new development phase.

Timisoara: Romania’s gateway to Europe.

Timisoara: Romania’s gateway to Europe. 1200 800 ROMANIA PROPERTY CLUB

Located in the Western part of the country, Timis county is part of Romania’s main regional development hubs.

The county population gathers 760.284 inhabitants, out of which 318,296 are in Timisoara. The county’s GDP for 2021 stands at 12.4 billion EUR. The place to go through when exiting the country towards the Western Europe and the link with the Capital City through A1 highway pinpoints Timisoara as Romania’s gate to Western Europe, with excellent connectivity with Pan European corridors. Both national and international developers found Timisoara’s location, infrastructure development and the skilled labor force as great advantages for their future projects.

With a convenient location, near Hungary and Serbia borders, Timisoara benefits of good road connectivity and is Romania’s Southwestern university hub. The local office stock stands at 294,000 sqm, with prime rent at 14.5 EUR and a vacancy of 15%, according to data from CBRE Romania. Some of the key leasing transactions in H1 2022 include Atos, Access Group and Amazon at UBC 0 and 1 by Iulius.

UBC TIMISOARA

The modern retail stock accounts for 199,500 sqm, while the retail stock density (SQM/1,000 Inhabitants) reached the level of 607, as indicates data from CBRE. The city’s dominant retail projects are Iulius Mall with 93,000 sqm, part of Iulius Town mixed use scheme, in the portfolio of Iulius Group and Shopping City Timisoara with 56,900 sqm, part of NEPI Rockcastle portfolio.

IULIUS TOWN TIMISOARA

The logistic & industrial stock comprises 548,100 sqm, prime rent level is 3.85 EUR, while the vacancy rate stands at 7.4%. Timis county claims the largest share of modern industrial stock from the West & Northwestern region, hosting numerous production, logistics and storage facilities. VGP has a presence of over ten years in Timisoara, with one of the most modern industrial parks in Western Romania. The site offers six modern industrial buildings with an area of 155,000 sqm hosting tenants such as Quehenberger Logistics, Ericsson Continental, Hafele or Kathrein.

VGP TIMISOARA

With an investment of 40 million euros, Continental opens a megafactory in Timisoara

With an investment of 40 million euros, Continental opens a megafactory in Timisoara 770 512 ROMANIA PROPERTY CLUB

11.11.2022

Continental has completed the construction of the third expansion of the electronic components factory in Timișoara, with an investment of approximately 40 million euros.

With the new investment, the production area will increase by more than 7,000 square meters, which means an increase of more than 60% of the space (about 18,000 square meters will be reached for production). Parking spaces, a technical area, offices and a green area were also added.

“What used to mean horsepower under the hood is now user experience. To meet the growing demand of our customers, we must pursue the most developed digitization, standardization and automation possible – and that is exactly what we are doing with our new mega factories strategy”, said Lucian Mărgineanu, the director of the automotive production unit in Timișoara. “Continuing the implementation of Industry 4.0 technologies represents another leap into the future. The digitization of production processes, as well as the use of state-of-the-art equipment, means another step in guaranteeing the quality of our products and services. Therefore, in the electronic components factory in Timișoara, we are focusing on a sustainable future”, he added.

Continental makes more than 17 million products a year in Timișoara

The electronic components factory in Timișoara produces over 17 million products annually. Airbag control units, electronic parking systems, control units for various technologies such as air suspension, power steering, suspension adjustment and dynamic load stabilization, Head-Up and Head-Up Combiner display units and on-board instruments are manufactured here. Over time, the factory developed in the direction of Industry 4.0, integrating equipment and technologies such as the innovative storage system, the trigeneration system and others.

Over 17,500 employees in Romania

The technology company founded in 1871 provides safe, efficient, intelligent and affordable solutions for cars, machinery, traffic and transportation. Continental achieved a turnover of 33.8 billion euros in 2021 and currently has more than 190,000 employees in 58 countries and markets. On October 8, 2021, the company celebrated its 150th anniversary.

Between 1999 and 2021, Continental invested over 2 billion euros in its activities in Romania. All three fields of activity of the company are represented in Romania. Continental owns six production units and four engineering centers in Timișoara, Sibiu, Carei, Nădab and Iasi. The company has a tire distribution center in Bucharest. At the end of 2021, Continental had more than 17,500 employees, of which more than a third were engineers and computer scientists, and will continue to hire based on future projects.

Iulius Town Timisoara reaches 80,000 sqm of premium office space

Iulius Town Timisoara reaches 80,000 sqm of premium office space 420 250 ROMANIA PROPERTY CLUB

04.10.2022

The fourth office building in the Iulius Town Timișoara complex is operational and consolidates the regional business hub in the urban regeneration mixed-use project to a total leasable area of 80,000 sqm and a 40-plus company from three continents community. United Business Center 0 has a leasable area upwards of 30,000 sqm and accommodates the offices of 15 companies operating in the IT & Outsourcing, automotive and service industry.

The fourth office building recently opened in Iulius Town Timișoara, the only urban regeneration mixed-use complex in the west of Romania. Comprising two levels of underground parking, semi-basement, ground floor, 15 floors of office space and two technical floors, United Business Center 0 (UBC 0) has a total leasable area of 30,000 sqm and accommodates the offices of 15 companies and 4,000-plus employees.

“The new building is a project adapted to market requirements, addressing a real need in the office segment for premium office spaces adjusted to the current reality and the employees’ expectations for their working environment. Beyond the state-of-the-art technological equipment, which creates optimal working conditions, and furnishings that encourage the exchange of ideas and socializing, it is also very important to note the services and facilities available to employees, which are increasingly relevant for companies. UBC 0 is fully leased to companies with expansion plans or newcomers in the region, who are joining the business community in Iulius Town Timișoara,” said Laurențiu Manea, Office Buildings Manager Iulius Town Timișoara.

The building accommodates the two-floor center of software developer Endava. Companies that occupy one floor each include the Porsche Engineering Romania development center, the software development center of Cognizant Softvision, and the office of market research and survey company Toluna România. The UBC 0 community also includes the offices of IT consulting & management company Infosys Consulting, the software development center of Haufe Group, the customer relations support service center Linde Global Services Romania, doctari group technology hub, Unbabel technology center in translation, IT Vizion industrial IT solutions center, the service center of brake technology developer TMD Friction, and the local office of the professional services firm PwC Romania.

The new premium office building is integrated in the Iulius Town Timișoara mixed-use complex, which provides immediate access to stores and services, themed restaurants and coffee shops, food court, offices of public institutions, kindergarten and primary school, the largest fitness center in Romania, multiplex cinema including the VIP dinner and movie all-inclusive concept, medical services and multiple leisure opportunities.

VGP’S Half Year Results 2022

VGP’S Half Year Results 2022 420 250 ROMANIA PROPERTY CLUB

07.09.2022

VGP NV, a European provider of high-quality logistics and semi-industrial real estate, recently, announced the results for half-year ended 30 June 2022.

VGP reports an increased operational yield with a net profit of EUR 153.1 million, newly signed as well as renewed leases worth EUR 35.4 million, leading to EUR 281.1 million total annualized revenues (+9.7 % YTD)1. A total of 1,346,000 m2 under construction, within 40 projects that once built and leased represent EUR 88.1 million of additional annual rent (87.4% are pre-leased areas).

In Romania, at the end of the first semester, 4 buildings were under construction on an area of 102,000 m2, in different areas of the country: VGP Park Arad, VGP Park Brașov and VGP Park Bucharest.

VGP’s Chief Executive Officer, Jan Van Geet, said: “In the first half year we have seen robust growth with € 35 million of new or renewed lease agreements signed and supported by significant rental growth in most countries. This growth was realised despite a more prudent approach by e-commerce sector of which a number of major players have shifted their take-up focus towards 2024 and beyond.”

Jan Van Geet continued: “The unstable energy markets have not only given a significant boost to our renewable energy revenue potential, it has also served as an accelerator in our tenants’ desire to switch to renewable energy consumption. Beyond the traditional stronghold countries of Germany and the Netherlands we are now initiating solar projects in almost all regions based on direct tenant demand.”

Jan Van Geet added: “Although we have taken a more cautious approach to our land acquisitions during the first half of the year, an important side effect of these unstable energy markets is that it creates tremendous growth opportunities for us. After all, it accelerates the need for energy-inefficient industries to reinvent themselves and move to more sustainable and energy-efficient housing and operations. One of the side effects of this is that they are putting their old factories, mostly in prime locations, up for sale which consequently offers interesting brownfield redevelopment opportunities for VGP.”

Jan Van Geet concluded: “A strong capital position is important, particularly as such highly attractive brownfield opportunities start to increasingly arise. The significant cash recycling through the completed and anticipated joint venture closings enhances our balance sheet and allows us the flexibility to best serve our whilst enabling us to create significant value for all stakeholders involved.”

VGP has been present in Romania since 2007, and develops industrial parks in Bucharest, Arad, Brașov, Timișoara and Sibiu. VGP Park Bucuresti Nord is developed on a plot of approximately 250,000 m2 and will have a total leasable area of approximately 120,000 m2 divided into 4 buildings. VGP Park Arad, developed on a land of 39 ha, with a rental area of up to 200,000 m2, is strategically positioned in Arad, the most important road junction in the west of the country, part of the IV Pan-European Transport Corridor. VGP Park Brașov is developed on an area of approximately 320,000 m2 and will have a total potential of 140,000 m2 of space available for rent. VGP Park Timișoara is fully rented, with possibilities for expansion.

SPEEDWELL obtained the building permit for the second residential building in PALTIM, the mixed-use ensemble in Timisoara

SPEEDWELL obtained the building permit for the second residential building in PALTIM, the mixed-use ensemble in Timisoara 420 250 ROMANIA PROPERTY CLUB

08.25.2022

SPEEDWELL announced having recently obtained the building permit for the second residential building of the PALTIM mixed-use project developed in Timisoara.

After starting construction works for the first phase of PALTIM, which includes 123 apartments, SPEEDWELL has received the building permit for the second residential building of this project. This milestone marks the third successfully obtained permit, in addition to the one granted for the rehabilitation works on the historical monument villa.

As a mixed-use ensemble, besides the residential component, PALTIM will also include office and retail spaces. The process for obtaining the final permits for the office component of PALTIM, including another revitalized building, linking the project to its past heritage, is well advanced and scheduled to occur in the next few months.

The works are well underway for the first residential building of the ensemble after SPEEDWELL has signed an agreement with STRABAG for the role of General Contractor.

The second residential building of PALTIM consists of 113 apartments, from studios, to 2, 3, and 4-room apartments. Together with the units in the first building that is already in the works, the project reaches a total of 236 premium apartments.

Located on the banks of Bega River, PALTIM introduces a high-end concept that aims to create a new community in one of Timisoara’s most sought-after areas, within walking distance from the city center and the Central Park.

PALTIM also is an urban regeneration project. SPEEDWELL is currently working on refurbishing a monument villa and will soon start works on a section of the former hat factory that will be rehabilitated, thus conserving the historical and cultural heritage of the site.

In addition to the urban regeneration component of the project. PALTIM is built according to the nZEB standards using superior quality materials. Sustainability is a concept that can be found in all the projects SPEEDWELL is developing.

Sales for the first building of the project have been launched in October 2021 and more than half of the available stock of apartments has been sold.

Construction works are ongoing for the first building and the monument villa refurbishment and are going according to plan.

„Obtaining the building permit for the second phase of the project marks an important milestone and a much-awaited moment the team has worked towards. With the construction going ahead for the first building, we are getting closer to the moment PALTIM will become reality and create a new community and living standard. We are happy to be present in Timisoara, where the authorities are demonstrating that a constructive dialogue is possible and are certain that PALTIM will contribute to the city’s and area development”, states Didier Balcaen, CEO and Co-Founder at SPEEDWELL.