ecognizing the importance of Southeastern Europe’s property markets EuropaProperty was proud to host the 15th annual EuropaProperty SEE Real Estate Awards Gala last night ONLINE. The live event was simultaneously broadcast using the latest digital technology via the Zoom and YouTube platforms. In this way, guaranteeing that the show must go on and the top-performing companies from the SEE region could still be recognised for their phenomenal achievements in commercial real estate.
Welcome to the brave new world of ONLINE events.
“We at EuropaProperty have become pioneers as well as digital innovators in the field of online events. Like many of our partners, clients and friends we have had to adapt our business model quickly to help in these challenging times. So, I’m very pleased that we have now established ourselves as the number one digital awards event organisers, and have delivered the region’s very first ONLINE Awards Gala,” commented event organiser and publisher of EuropaProperty, Craig Smith.
Before the current crisis hit, the SEE region was establishing itself as a maturing destination which provides development possibilities and is a lucrative alternative to Central Europe, where some of the markets are seen as saturated. From an investment perspective, SEE provides a significant yield premium on Central Europe.
The 2019 winners reflected this trend. Last year was one of the best in terms of real estate investment ever. This was highlighted by the winners of the Investment Deal of the Year award, where Morgan Stanley and David Hay acquired America House in Bucharest from AEW Europe.
Prime Kapital was also a clear investment winner on the night and was recognised by the jury for its growing presence and multi-platform strategy in Romania. The company was awarded Investor of the Year as well as picking up the Retail Project of the Year award for DN1 VALUE CENTRE. Other big winners included Tiriac Imobiliare, which walked away with Professional of the Year for their CEO Bogdan Cernescu and Office Developer of the Year.
One United Properties also walked away with a couple of prizes for their developments. The developer won Residential Project of the Year for One Herastrau Plaza and Future Project for One Floreasca City. Regional developer CTP was awarded Industrial Developer and also picked up Professional Woman of the Year for their Country Head of Romania, Ana Dumitrascu. CEETRUS walked away with Retail Developer and Mixed-use Award for Cartier Coresi.
Other developers recognised on the night included Forte Partners, which won the Residential Developer of the Year award. Lion’s Head Investments and Portland Trust won Office Project of the Year for Oregon Park. AFI Europe’s mega mall in Bucharest, AFI Cotroceni, won in the Extension/Refurbishment Project category and Element Industrial won the Industrial Project of the Year for Eli Park 1.
Many industry leaders and associated companies from the real estate industry were awarded on the night. Once again Dentons walked away with the Law Firm of the Year award. UniCredit won Bank of the Year. Bog’Art received the Professional Service Provider of the Year award, and Optim Project Management beat off the competition to win Architectural Firm of the Year. Sentient were the surprise winners of the Project Management award.
CBRE once again continued to take a firm hold of the agency side of the business and collected the Agency of the Year award. Cushman & Wakefield dominated the Property Management category and saw its affiliated offices for Bulgaria and Romania jointly receive this award.
And finally, with retail taking a massive hit in the current crisis, it was reassuring to see the major retailer Peek & Cloppenberg pick up the Retailer of the Year award.
Full list of Winners
Peek & Cloppenburg is an international chain of retail clothing stores with headquarters in Germany. Highlights include the opening of the first Peek & Cloppenburg in the Transylvania region in VIVO Cluj Napoca, of 3,500 sqm.
Professional Service Provider
The Bog’Art group of companies are equipped and organized to the scale of a large corporation, but carry the personal touch of a family business. The fully integrated building services they provide are client-oriented, with a strong focus on applied ingenuity and responsiveness to each project’s needs. The company has evolved throughout several business cycles for over 25 years, achieving continuous growth and adaptability by working successfully with international property investors in Romania.
Optim Project Management is the leading General Design, Project, Cost & Construction Management company operating in the private sector in Romania and Bulgaria, with the capabilities to deliver the most complex of projects in a wide range of sectors from concept through to completion. Since 2009, more than 169 buildings have been constructed or are in the process of construction.
Dentons advises on many of the largest and most complex real estate transactions in Europe, including many cross-border sales and acquisitions, joint ventures and financings. Its clients benefit from cutting edge advice on complex property investment transactions, development projects and real estate finance issues. The real estate sector has seen a revival in Romania, with major investments made in the recent years and Dentons’ real estate team has been involved in many types of work, including major acquisitions and pioneering advice.
Project Management Firm
Sentient has been continuously operating in Romania since 2000. While the core business remains the project and cost management of all forms of development, fit out and refurbishment, the company has increasingly focused on the support of investors in the acquisition and sale of their real estate portfolios, through the provision of technical and environmental due diligence, together with the management of CAPEX spend and office fit outs.
Property Management Firm
Forton is a leading international advisory company, RICS regulated, offering full range of professional services in commercial real estate sector. Part of AG Capital (the largest real estate holding company in Bulgaria) and alliance partner of Cushman & Wakefield for Bulgaria. Deep local real estate insight and international expertise with access to investors in more than 70 countries all over the world. Forton’s track record includes some of the biggest investment deals in Bulgaria (Megapark, City Center Sofia and Mall Varna).
Cushman & Wakefield Echinox is a leading real estate consulting company on the local market, and the exclusive affiliate of Cushman & Wakefield in Romania, owned and operated independently. The company has a team of over 60 professionals and collaborators offering a full range of services to investors, developers, owners and tenants.
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide.
UniCredit Bank Romania is a Top5 player in terms of market share, with strong positions both in the corporate and retail segments. UniCredit Bank employs a customer-centric approach and aims to be a trusted partner and a very active part of the communities in which it operates. UniCredit Bank is part of UniCredit, a simple successful pan-European Commercial Bank, with a fully plugged in CIB, delivering a unique Western, Central and Eastern European network to its extensive client franchise.
Prime Kapital is an important developer, investor and operator, active in Central and Eastern Europe. The founders of the business have been active on the real estate market in Romania and in the region for more than a decade and have an unparalleled reputation for the long-term quality and sustainability of their development projects.
Morgan Stanley and David Hay acquire American House
A fund advised by Morgan Stanley Real Estate Investing (“MSREI”), in a joint venture with David Hay, former CEO of AFI Europe Romania, acquired America House, a prime office building located in Bucharest, Romania, from a fund managed by AEW Europe. David is the CEO of Add Value Management SRL, who will be working alongside MSREI to run the operations of the asset.
Forte Partners is a real estate development company with a portfolio of existing projects worth 200 million euro (including office projects such as Ștefan cel Mare Building and THE BRIDGE and residential projects such as London 27 and Aviatiei Park). The company is currently developing 3 major office projects worth another 200 million euro.
CTP is a full-service commercial real estate developer. It builds, manages and deliver custom-built, high-tech business parks throughout Central and Eastern Europe region. Being the market leader with more than 1.2 million sqm of lettable area, CTP concentrates efforts also on reducing the carbon foot print and developing sustainable buildings with the minimum utility consumption rate existing on the industrial market.
In all the developed projects, CEETRUS Romania's mission is to be a facilitator, an urban and community catalyst. This part becomes mandatory for coherent and lasting urban development in Romania. CEETRUS’ credo is collective intelligence, based on co-construction, co-creation and dialogue with its stakeholders. It adopts this mindset in its everyday work: designing new projects that respect citizens and the environment and working on the attractiveness of its existing shopping centers portfolio.
Țiriac Imobiliare, the developer of the acclaimed Stejarii Residential Club, has embarked on a new journey, a Class A office project in the heart of Bucharest, alongside one of its oldest thoroughfares. With a gross built area of 30,969 sqm, Țiriac Tower is a downtown A class building with 5UG+GF+5F/8F/12F height regime, 16’,472 sqm of Gross Leasable Area and 500 – 2,000 sqm flexible floor plates. And, a first in Bucharest, 700 sqm of relaxing terraces. Also, for a premium location, near the Government of Romania, Tiriac Tower will accommodate 259 underground parking places.
One Herastrau Plaza - One United Properties - Romania
One United Properties is the largest and most successful high-end residential developer in Romania by cumulative value of projects developed, number of plots in landbank, profitability and number of high-end units completed. With over 2000 units in several high-end residential developments: completed (393 units), under construction (569 units) and a medium-term pipeline (1,531 units) predominantly in prime locations in Bucharest.
Refurbishment Extension Project
AFI Cotroceni offers a variety of over 350 shops from the leading local and international brands, an indoor ice-skating area, a waterfall and artificial mountain, entertainment facilities, all in a modern architecture with sky glass view. In 2019 the food court of the mall was totally refurbished. As a consequence the furniture was all replaces, the seating area increased its capacity from 200 places to 450 places, the acoustic system was changed and the number of tables increased over 100 and green area were replaced. In order to enlarge the space up to 3,000 sqm the playground area was moved and modernized also with seating areas for moms and a shop island was moved.
Cartier Coresi - CEETRUS - Romania
The broad development of the Coresi neighbourhood, which started in 2013, is iconic for urban and community regeneration in Romania. The Coresi Neighbourhood is remarkable for being a visionary and brave project, managing to harness the history of the place and the cultural and industrial patronage of the old Tractorul platform. CEETRUS’ motivation is to conserve the image of what used to be an old factory measuring the size of a city.
Eli Park 1 is a logistic park with a GLA (gross lettable area) of 50,000 sqm developed in a joint venture by Element Industrial and Dedeman Group. Located in the Chitila-Buftea area, Eli Park 1 is developed in two phases of 20,000 sqm and 30,000 sqm. The first phase was delivered in Q3 2019 and is 100% leased to Turkish-based appliances producer, Arctic. The company has already begun its operations in the new logistics space.
Developed on a 46,400 sqm surface, DN1 Value Centre brings a new concept to the area – a unique shopping centre with an interior and exterior food court concept created with the community’s needs in mind, as well as family-oriented leisure facilities. The project benefits from a massive glass roof surface bringing in the natural light and a unique design with exposed brick walls, arches and an interior garden.
Oregon Park is one of the newest Class A office projects in the area, completed in 2019. The business park comprises of three 7-storey buildings on a pleasant, attractively landscaped plot of 4 hectares. It is located in the Floreasca - Barbu Vacarescu area - one of the most dynamic and preferred city office sub-markets. The buildings are situated in a visible location in high proximity to the main boulevard that connects to the city centre and international airport.
One Floreasca City developed by One United Properties is designed to make a permanent impression being an expression of world-class modernism, sustainability and neighbourhood integration. Romania’s first sustainable Mixed-use project, One Floreasca City includes: the residential component “One Mircea Eliade”, One Tower – composed of the office side, and the first Auchan concept store in Europe. ONE Floreasca City thus refurbishes a former industrial area and brings to the community’s benefit an area that has been in the forefront for more than 20 years.
Professional of the Year
Bogdan Cernescu is the Managing Director of Tiriac Imobiliare, the developer of the acclaimed Stejarii Residential Club. The developer has embarked on a new journey, a Class A office project in the heart of Bucharest, alongside one of its oldest thoroughfares. With a gross built area of 30,969 sqm, Țiriac Tower is a downtown A class building with 5UG+GF+5F/8F/12F height regime, 16,472 sqm of Gross Leasable Area and 500 – 2,000 sqm flexible floor plates.
Women of the Year
Ana Dumitrache is Country Head of CTP Romania since 2016. During her CTP career she coagulated an excellent strong team of high-level professionals. Together with the team, Ana has brought CTP Romania to 1,2 million sqm at the end of 2019, managed to lease about 250,000 sqm last year, with a couple of probably the most interesting transactions on the logistics market in the country, while raising over 140 million EUR finance throughout the year to support the organic growth of the company.