Real estate market in Romania sees EUR 600 mln transactions in 2015, says JLL

This year has been a dynamic one for the real estate market in Romania, seeing big transactions across the office, industrial and retail sectors. According to data from JLL, property deals up to this point total some EUR 600 million, the consultancy firm being involved in 70 percent of them.

JLL represented Prologis, Portland, Heitman and Cefin in selling Prologis Logistic Park, Bucharest West, Mercury Logistics Park and Cefin Logistics Park Arad to CTP Invest. It also represented Aviva in the sale of Pheonix Logistics to Lonestar.

The company was active in office property sales (GLL acquisition of Floreasca Park from Portland), office financing (aided in obtaining financing for the Hermes Business Campus complex in the Dimitrie Pompeiu area), land sales (a EUR 30 million sale in which Skanska bought land from Pumac), major office renting projects (Honeywell, Deutsche Bank, Amazon, Enel, AstraZeneca, Microsoft being some of their clients) and retail acquisitions (the first Nespresso Boutique in Romania) and renting (Lems, Jysk, Idea Bank, Adidas).

According to company representatives, the valuation department saw a healthy 30 percent increase in its portfolio, due to demand from existing customers and requests for new assessments requiring needed to obtain financing, financial reports, feasibility studies and distressed assets. JLL intends to expand evaluation services for hotel owners and business in agriculture.

The property management department currently has 13 commercial spaces under administration totaling 200,000 sqm, of which 56,000 sqm retail, 58,000 office and 86,000 sqm industrial.

“2015 was a successful year for JLL Romania. Not only have we maintained our leading position as strategic consultant in real estate, but we have assisted in a number of rental and sale or purchase transactions of real estate in all segments of the market. I am very optimistic about the next year – the real estate market indicators look very promising, and all our business lines seem to have a very busy 2016 in front of them, ” said Andrew Peirson, managing director – SEE & Romania JLL.

JLL is a real estate consultancy firm active in 80 countries globally. Its 230 branches employed 58,000 and brought a turnover of USD 5.4 billion in 2014.