Israeli developer Hagag buys EUR 9 mln office building in Bucharest to refurbish it

Real estate developer Hagag Development Europe, part of Israeli Hagag Group, took over an old office building located close to Universitatii Square in downtown Bucharest (on Tudor Arghezi street) and plans to refurbish it.

The building is placed on a 1,507 sqm plot of land and has a total built area of 7,013 sqm arranged on eight floors plus two underground floors. The developer paid more than EUR 9 million for the building and will invest another EUR 4 million to refurbish it.

The building will keep its original destination and will undergo a broad refurbishment including reconsolidation, repartitioning, and modernization, starting the first quarter of next year.

Hagag Development Europe is a real estate developer specialized in residential and commercial projects in Romania. The company is involved in the purchase, development and renovation of some buildings and projects involving more than EUR 200 million euros invested in the luxury and development areas of Bucharest.

In August, it started the construction of its largest residential project to be developed in Romania: the EUR 90 million H Pipera Lake project. Last year, the company started working on refurbishing the old headquarters of OMV Petrom on Calea Victoriei.

(Photo source: Pixabay.com)