BUCHAREST, Romania,
June 25, 2024 /PRNewswire/ -- Real
estate investor-developer HAGAG Development Europe
(TASE: HGGE) and leading real estate consulting agency CBRE
Romania have recently signed an exclusive agreement destined to
place Romania on the map of luxury
shopping destinations.
Romania's luxury goods market
is estimated to generate revenues of EUR 535.82 million in
2024, with a significant contribution from online sales (13.8%).
The demand for luxury goods is on the rise, fuelled by an
increasingly wealthier[1] population.
In this context, HAGAG Development Europe is delighted to
announce the exclusive involvement of CBRE Romania in the leasing
strategy of H Știrbei Palace - a class A, iconic, historical
monument located in the heart of Bucharest on the emblematic Calea Victoriei,
with extraordinary visibility and exposure, and one of the most
anticipated retail projects in Romania's capital city.
"We are delighted to join forces with CBRE, whose outstanding
reputation and track record in the real estate realm speaks for
itself. This partnership reiterates our commitment to place
Romania on the map of luxury
shopping destinations and validates the enormous potential of H
Știrbei Palace, while marking an important step in our strategy to
attract exclusive brands and offer customers a unique shopping
experience.", said Ana-Maria Nemțanu, Leasing Director at Hagag
Development Europe.
With an impressive history of about 200 years and a unique
architectural presence, the former protocol royal residence of
Prince Barbu Știrbei is currently
undergoing comprehensive restoration, consolidation, renovation
works, and will be facing the world again by mid-2025. Once
completed, H Știrbei Palace aims to become a flagship shopping
gallery for luxury brands in the Southeast European region.
"H Știrbei Palace is the ideal project for luxury brands seeking
a strategic presence in Europe, in
a premium location. Romania's
retail market has proven its resilience and potential in Central
and Eastern Europe, with
remarkable results. Our goal is to transform Știrbei Palace into
the city's luxury shopping destination, bringing Calea Victoriei
back to the world's most important commercial arteries. We believe
this project will significantly contribute to the development of
the luxury retail market in Romania and strengthen Bucharest's position as a top shopping
destination," said Carmen Ravon,
Head of Retail Occupiers CEE at CBRE Romania.
In this mandate, CBRE Romania is focused on attracting premium
and luxury retailers, responding to significant demand from this
segment. The increased interest shown in recent discussions
confirms the robust potential of the Romanian market.
Optimistic Prospects for the Luxury Market in Romania
The luxury retail market in Romania is on a continuous rise, with
Bucharest becoming an increasingly
attractive destination for premium brands. This trend is fuelled by
the development of prestigious real estate projects, including 13
new five-star hotels planned by 2028, which will host brands such
as Corinthia, Mondrian, Hyatt, and Kempinski.
According to a market report published by CBRE Romania, there
was an increase in prime rents for high-street locations in the
first quarter of 2024, reflecting the dynamism of this segment.
About Hagag Europe Development ZF Ltd (HAGAG Development
Europe)
Hagag Europe Development ZF Ltd. (TASE:HGGE), communicating
under the commercial brand Hagag Development Europe, is an
international real estate investor-developer specialized in the
development of residential and commercial projects in Romania, traded on the Tel-Aviv Stock
Exchange. The company is involved in the purchase, development,
renovation, marketing, and management of several assets located in
both privileged locations and emerging areas across Bucharest, and is the first player on the
local market that has been placing significant investments into
developing and growing the niche segment of urban renewal through
the reconversion of old, historical buildings with unique
architectural presence. For more info, please visit
www.hagageurope.com or our LinkedIn page Hagag Development
Europe.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500
company headquartered in Dallas,
is the world's largest commercial real estate services and
investment firm (based on 2022 revenue). The company has
approximately 130,000 employees (including Turner & Townsend
employees) serving clients in more than 100 countries. In
Romania, CBRE serves a diverse
range of clients with an integrated suite of services, including
facilities, transaction, and project management; property
management; investment management; appraisal and valuation;
property leasing; strategic consulting; property sales; mortgage
services and development services. For more info, please visit
https://www.cbre.ro/ or our LinkedIn page CBRE Romania.
[1] https://www.statista.com/outlook/cmo/luxury-goods/romania
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