The number of developers active on the commercial market- offices, shopping centers and logistic spaces- is declining while new projects are being delivered and financial difficulties are delaying the return of other investors on the market. Yet, several groups who, most of the times have alternative financing sources, have ongoing projects worth almost one billion euro, quite an important slice of the construction market, “Business Construct” writes.
Who is building?
NEPI: 386 mil. euro was, at the beginning of this year, the development budget of the South- African developer, 91 million euro of which have already been invested by the end of 2013, according to the company’s financial report. NEPI is, at present, one of the most active developers on the real estate market, considering the three shopping centers that it is developing in Pantelimon (Mega Mall) and Rahova (Vulcan Value Center) neighborhoods in Bucharest and in Targu- Jiu, as well as the office building “The Office” in Cluj.
Sonae Sierra and Caelum Development: 180 mil. euro is the investment budget of the project ParkLake Plaza located in the Bucharest neighborhood Titan, the shopping center the two investors started to develop this January, after repeatedly postponing the project for a few years. The project will have a total leasable area of 70,000 sqm.
Immochan- Auchan: 120 mil.euro totals the investment in the shopping centers Coresi Brasov and Auchan Drumul Taberei, the delivery of which has been scheduled for the first trimester of next year.
Skanska: 80 mil. euro cost the first two stages of the project Green Court from Barbu Vacarescu Blvd. OCTAGON CONTRACTING & ENGINEERING executed concrete infrastructure and superstructure works for building A (3B+ GF+ 11F). The works consisted in excavation, diaphragm walls D 600, anchors and infrastructure works for building B.
|Green Court Bucharest- Gara Herastrau Street, Bucharest|
Globalworth: 60 mil. euro is the investment announced for the construction of Bucharest One tower, from the north of the Capital. The 23 storey tower will be raised near Aurel Vlaicu metro station.
AFI Europe: 50 mil. euro is the investment estimated for the construction of AFI Park 2 and AFI Park 3 office buildings, near AFI Palace Cotroceni mall in Bucharest.