Real estate investments of almost EUR 100 mln in Q1 2021 in Romania
Romanian real estate investment volume in the first quarter of 2021 totalled EUR 98 million, 19 percent less compared with the volume registered in the same period last year, according to the quarterly report from CBRE. Office buildings in Bucharest and industrial spaces in the west of the country yielded the largest investment volume.
Overall, in the first three months of 2021, 9 real estate transactions were closed, with an average value of EUR 11 million, according to CBRE Research data. The largest transaction was the acquisition of Bucharest Financial Plaza office building, sold by BCR bank to the Austrian real estate investment fund Immofinanz for approximately EUR 36 million.
“It is interesting to note the appetite of investors for industrial projects: EUR 38 million of the total volume was generated by industrial spaces transactions, almost equalling the volume generated by office buildings, respectively EUR 40 million. This evolution validates investors’ interest towards industrial projects and the downward pressure on yields in this segment. An additional EUR 20 million have been invested in hotels, a segment for which we also notice a high interest in recent months. Furthermore, we expect the acquisition of new office buildings, as well as retail parks, the latter being a very popular product typology both in Romania and on the other markets in Central and Eastern Europe”, stated Mihai Pătrulescu, Head of Investment Properties, CBRE România.