Real estate investments in Romania, down 75% in the first quarter

The volume of commercial real estate investments in Romania was only EUR 35 million in the first quarter of this year, with just three such deal being closed in this period, according to real estate consultancy firm JLL Romania. The level is four times lower than in the same period of 2017, when deals worth EUR 143 million were closed. However, JLL Romania representatives point out that there are several transactions in various stages that will probably be closed this year. The biggest transaction in the first three months was NEPI Rockcastle’s purchase of the Festival Shopping Center mall project in Sibiu for EUR 21 million. Another transaction was carried out by Israeli group Hagag Development, which bought two historic buildings on Bucharest’s Calea Victoriei for EUR 10 million. The group plans to revamp and turn the two properties into office buildings. The second quarter is already looking better than the first one in terms of real estate deals as Skanska sold an office building under construction in Bucharest to Austrian group CA Immo for EUR 53 million. editor@romania-insider.com