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Property Times


Q3 2009 • Deterioration of Romanian economic outlook is reflected by the

GDP downturn of -8.7% registered in Q2 2009 year-on-year.

• In the light of economic and financial instability, consumer

Contents demand decreased due to income uncertainty and a stronger
Executive Summary 1 orientation to save.
Economic Overview 2
Offices 3 • The annual office supply for 2009 is expected to reach 410,000
Retail 5 sq m which combined with a poor demand and a decreased
Industrial 7 take-up volume has generated rising vacancy rates.
Key statistics 9
Investment 11
Definitions 13 • Retail development pipeline has contracted since 2008 and we
Contacts 15 expect the annual supply to register approximately 210,000 sq m
GLA which raises the total retail supply to 1.2 million sq m.

• Within the investment activity an unprecedented fall is reflected

by the volume of transactions accounting for a cumulated
amount of €39.4 million until the end of Q3 2009, which reveals
the sharpest decrease since 2003.

Tim Wilkinson
Joint Managing Director
+40 21 310 3100

Oana Iliescu
Joint Managing Director
+40 21 310 3100

Bogdan Sergentu
Head of Valuation & Consulting
+40 21 310 3100

Magali Marton
Head of CEME Research
+33 1 49 64 49 54 1
Economic overview

• The Romanian economic outlook has turned to the • According to Oxford Economics, 2010 would be
dark side of the statistical projections with GDP characterized as a lean year, offering little
falling abruptly to -8.7% in Q2 2009 year-on-year. nourishment for the economic recovery with both
Romania secured a financing package in the form of consumer and business confidence remaining
an instalment amounting to €19.95 billion from the oppressive. Nevertheless, the institution projected
IMF, European Commission, World Bank and EBRD 1% GDP growth for 2010.
aiming at financing the budget deficit, nourishing
reforms in the public sector and sustaining public Table 1
sector borrowing.
Indicators and economic forecast, 2009–2012
• Against the background of a reduced consumer (year-on-year comparison basis, %)
demand, financial market instability and uncertainty
Indicator 2009 2010 2011 2012
regarding prospective incomes of the population the
inflation rate diminished successively to around GDP -7.34 1.03 4.85 6.63
4.95% in August with further expectations of a Consumer Price
decrease, targeting 4.3% by the end of 2009, 5.43 2.91 3.57 3.47
Index (CPI)
according to the National Bank of Romania’s (NBR)
forecast. Unemployment rate 6.53 7.83 6.60 5.28
Consumer spending -10.31 2.30 5.29 6.46
• Industrial production decreased in August by 0.3%
Industrial production -7.21 3.95 8.35 7.30
month-on-month and by 5.0% year-on-year. There
Source: Oxford Economics
are positive expectations for further improvements
encouraged by the recovery in the economic activity
across the Euro zone as well as by the Craiova
based Ford plant announcing to start production in
September. The largest under-performance was
registered in the construction sector which decreased
by 7.9% (August versus July 2009) mainly on
account of housing construction (-22.3%) followed by
civil engineering (-4.4%) benefiting from a slight
capital injection for infrastructure.

• Turnover of retail sales improved as in August the

figure advanced by 0.4% month-on-month mainly on
account of food products and beverages; compared
to August 2008 retail sales decreased to 12.1%,
however a shorter decrease versus previous three
months. A slight improvement was also observed in
the unemployment rate which decreased from 6.9%
in Q1 2009 to 6.3% in Q2 2009. However during the
third quarter unemployment returned to 6.9%.

• In September the Central Bank agreed to reduce the

base rate by 50 basis points to 8%, meaning that this
year, the accumulated reduction was 225 basis
points. Moreover, NBR applied reductions to the
minimum reserve requirements for both national and
foreign currencies.

• Lending and deposit rates for new business

continued to go down March through May 2009. The
average interest rate on new deposits fell by 3.82%
to 13.3% whilst the average interest rate on new
loans fell 3.12% to 17.56%.


• Bucharest has faced significant changes with the Figure 1

office market experiencing new challenges given by
Bucharest office take-up volume & availability ratio
unprecedented falls in demand and rising supply.
Nevertheless annual business space supply is
expected to almost double in 2009 compared to the
amount delivered in 2008. The reason for this
increase is explained by the projects that had
secured finance and building approvals before the
fourth quarter of 2008 and subsequent economic

• By the end of Q3, total existing supply slightly

surpassed 1.42 mil sq m of office premises. Should
we compare local market office stock with other
European cities it results that Bucharest represents
54% of the one registered in Prague, whilst the
Romanian capital city stands at 45% compared to Source: DTZ Research
Warsaw’s existing supply and at 61% when
measured against Budapest.
Table 2
• Development pipeline for the remainder of 2009 is Office Projects Completed in Bucharest, 2009
composed from buildings having net areas ranging
from 1,200 to 50,000 sq m and covering almost all GLA (sq
Project Subzone Developer
business districts. Should all announced projects be m)
completed, the total development pipeline to be Global
Global City North 42,000
delivered in the fourth quarter would account for Finance
approximately 180,000 sq m. Floreasca Business Centre- Portland
Park North Trust
• Leasing activity continues to decrease as there is a
negative economic sentiment among companies and Fabian/Expert
Cubic Center North 27,000
therefore a weakened need for office spaces. Since RoInvest
the beginning of the year leasing transactions were Twin Towers Barba Private
North 18,000
scarce and of mainly reduced volumes. Major deals Center (Ph. II) Individual
include the relocation of Banca Romaneasca to BOC MultiGalaxy BC I North 14,504 MultiGalaxy
Tower for 15,000 sq m and the space leased by
Source: DTZ Research
District 1 City Hall in PC Business Center of 6,235 sq
m. The average transaction size decreased to 1,220
sq m representing a 46% reduction compared to the Table 3
previous year. Major Pipeline Office Projects in Bucharest, ‘09–‘12
• In the first 9 months of 2009, take-up has changed GLA (sq
Project Subzone Developer
not only by volume but also by location; the interest m)
remained focused on the northern area (48%) but the Platinum B&C
North 55,000 Willbrooke
gain was for the CBD (22%) as companies were Centre
forced to relocate and so availability for this area rose.
Space requirements for the central district range from Swan Office Park North 55,000 Invest/Chayton
150 to 1,000 sq m, whilst demand for larger spaces Capital
of above 1,000 sq m was limited and came mainly
from the banking sector. The number of recorded Upground
BOC Tower North 53,000
pre-leases reduced by 84% year-on-year. At the end
of the third quarter 2009, pre-lease commitment Centre-
Orhideea Towers 45,150 Europolis
accounted for 28% of the total take-up. West
City Gate North 43,000 GTC
Source: DTZ Research 3

• There is a real tendency for renting spaces within Figure 2

projects already delivered or at an advanced
Bucharest prime office rents
construction stage. In turn the market experiences an
€ per sq m
increase in the supply of sublease space resulting in 350 per year
a decrease of the average rents and an increase in
the overall vacancy rate. 300

• The level of supply has increased each quarter due 200
to a continuing weakened demand and with large
annual supply (delivered until Q4 2009). According to 150

our research, in Q3 the vacancy rate increased 100

almost 20% quarter-on-quarter reaching 14.46%. 50

Figure 3


























Total Office Stock split by Subzone in Bucharest,
percent, Q3 2009 Source: DTZ Research

Figure 4
6.5 North
2.2 Centre
Office Take-up by Occupier Sector in Bucharest,
7.3 Centre - North percent, Q1–Q3 2009
46.6 Centre - West
15.4 Centre - South 10 4 4
Centre - East BPS
West 10 CRE
15.0 FS
37 IM
Source: DTZ Research 17 RET
• Rental levels have decreased since Q1 2009 to 16
about 18% for prime locations, 21% for semi-central
areas and 25% for the outskirts. A typical headline
rent for the prime areas is €21/sq m whilst in non- Source: DTZ Research; BPS – Business/Professional Services, CRE – Construction & Real
central areas rents range from €10 to €19/sq Estate, FS – Financial Services, ICT – Information, Communication, Technology, IM –
Industrial, Manufacturing, Trading, RET – Retailers, A&M – Ad vertising & Media, PUB –
m/month. Governmental, public sector, non-profit sector

• As economic growth is anticipated to remain negative Figure 5

in the short term we expect letting activity to remain
subdued. This coupled with the expected supply will Office Take-up by Subzone in Bucharest, percent,
push availability towards unprecedented levels. DTZ Q1–Q3 2009
estimates that the vacancy rate will peak to 18-20%
at the end of 2009. 3
5 North
• On a short to medium time basis (3-12 months) DTZ
believes that rents will continue to decrease with
Centre - North
further stabilization apparent in the second half of 13 48
Centre - West
2010. West
Centre - South

Source: DTZ Research 4

• After a period characterized by continued strong Figure 6

growth, from the second half of 2008 consumer
Modern Retail Stock per 1,000 inhabitants in Q3 2009
demand started to drop significantly.
sq m
• Consumer demand dropped significantly proven by 600
the doubling of the volume of new bank deposits
made in Q1 compared to the similar period of 2008.

• Household consumption decreased three times in Q1 300

2009 versus Q4 2008 mainly from the goods and 200

services sectors. Retail operators estimate relative 100
economic stability for the next three months. In Q1 0
2009 total expenditure per household was 88% of the Bucharest Iasi Cluj - Timisoara Constanta Craiova
total income whilst consumption expenses Napoca
represented 72.2%. Existing modern retail supply per 1,000 inhabitants
Existing and pipeline retail supply by 2012 per 1,000 inhabitants

• The volume of modern retail stock1 delivered on the Source: DTZ Research
Romanian market is expected to increase in 2009 by
only 210,516 sq m GLA, representing a 46.9% Table 4
decrease year-on-year, out of which 93,016 sq m
GLA is already delivered. In 2009, the new supply of Retail Projects Completed in Romania, Q1–Q3 2009
modern shopping premises is 67% concentrated in GLA
Bucharest, meaning a 5.7% decrease year-on-year. Project City Developer
(sq m)
• If, at the end of last year, the 2009 new supply was Grand Arena Mall Bucharest 35,000
expected to increase by an additional 25 modern Intermed
retail schemes (including as well the extension of two Atrium
existing shopping centres), as we approach the year- Militari Shopping
Bucharest 25,000 European
end we conclude a total of only 9 projects to actually Real Estate
be completed.
Galleria 12,252 GTC
• Supply scheduled for delivery in 2010 amounts to a
total of 389,446 sq m GLA (corresponding to ca. 31% Galleria Suceava 10,514 GTC
of the total stock projected at the end of 2009). The Plaza Romania Anchor
majority of the schemes announced for 2010 are Bucharest 6,000
(extension) Group
actually projects initially planned for 2009, but Source: DTZ Research
postponed due the difficult economic environment
and still likely to slide further.
Table 5

• This year, the market experienced a new retail Major Pipeline Retail Projects in Romania, 2009–2010
concept as well, through the delivery of the first strip
mall, Militari Shopping Center, comprising of 25,000 GLA
Project City Developer
sq m GLA. Significant changes consist of the first (sq m)
cases of shopping centre closures – Armonia Braila, AFI Cotroceni Park
after 9 months of operation (16,459 sq m GLA Bucharest 75,000 AFI Europe
Mega Mall
commercial gallery attached to a 13,000 sq m
Carrefour Hypermarket developed by Red Sun Plaza Bucharest 76,500 EMCT
Management with a €45 million investment) and Trio Holding
West Gate Center Craiova 40,000
Trident Shopping Center in Sibiu, after 4 months of & Immoeast
operation (5,500 sq m GLA commercial gallery Iulius Mall -
attached to a 6,000 sq m Trident Hypermarket and a Timisoara 33,000 Iulius Group
total investment of €15 million).
Atrium Center Arad 30,000
Source: DTZ Research
Comprising retail schemes in the form of urban malls, retail parks,
commercial galleries, outlet stores and strip malls. 5

• Vacancy rose in Bucharest, nevertheless to a smaller Figure 7

extent compared to those of secondary and tertiary
Modern Retail Stock in Romania, 2000–2010*
cities. A major impact in the capital city was felt within
newly delivered shopping premises, located in
decentralized areas. Availability for prime units in
mature shopping centres in Bucharest still remains

• Subsequent to the economic outlook and to the

financing difficulties, many retailers have put on hold
their expansion plans and focussed more on cost
reduction to the detriment of gaining market share,
whilst others such as Inditex, Deichmann, Takko,
Humanic, New Yorker, Hervis, Decathlon, Sephora,
Mango, Debenhams are still active on the market and
looking for expansion opportunities.

• During the last 9 to 12 months, the rents for premium

properties on the main thoroughfares of the capital Source: DTZ Research; *Forecast, data subject to quarterly reconsideration
city registered decreases from 25 to 35%, whilst the
outskirts and semi-central locations have been more
Figure 8
exposed recording a drop of 50%.
Prime Retail Rents in Major Cities in Romania
• The retail market so much related to key factors such
€ per sq m per month
as economic stability, consumer confidence or
access to credit is expected to grow beginning with
H2 2010 although at a much slower rate than Craiova
experienced in previous years. Constanta


Cluj - Napoca



0 20 40 60 80 100 120
Shopping centre High street
Source: DTZ Research 6
Industrial & logistics

• In 2009 the Romanian logistics real estate sector can Figure 9

be described as a prudent market from both the
Bucharest prime industrial rents
developer’s and the logistic companies’ perspective
€ per sq m
most of whom put on hold their expansion plans for the 90 per year
moment. 80
• In this context we are witnessing a small number of 60
transactions, while the general trend of tenants is to 50
expand in their existing locations. 40
• Bucharest encountered a slowdown in the supply of 20
modern logistics projects as well as in the level of 10
transactions due to the global economic crisis over the
last nine months, though in the last two months the










market showed signs of recovery. The total amount of









transactions concluded by the end of Q3 2009 was
50,000 sq m out of which almost a third is represented Source: DTZ Research

by relocations. Larger transactions of over 10,000 sq m

have not been registered. Table 6

Major Pipeline Industrial Projects in Bucharest, 2009–

• In Bucharest, 50,000 sq m was delivered in existing
projects, raising the total stock to 830,000 sq m.
Project GLA (sq m) Developer
• Outside Bucharest a total of 37,000 sq m of modern
logistic warehouses was delivered, out of which 25,000 A1 Business Park 10,000 Cefin
sq m were completed in Brasov (15,000 sq m by
Chitila Logistic 5,000 UBM
Helios Phoenix in their Olympian Project and 10,000 Park
sq m by Icco) and 12,000 sq m in Timisoara by
Invest4See, a newcomer on the market. We estimate Olympian Park 10,000 Phoenix/Helios
total A grade logistics supply available for lease Mercury Logistic 10,000 Phoenix/Helios
throughout the country at around 450,000 sq m – Park
500,000 sq m, located in cities such as Timisoara,
Millenium Logistic 10,000 MLP
Arad, Ploiesti and Brasov. Park

• In Bucharest the occupancy rate currently stands at Source: DTZ Research

around 85–90% as compared to other secondary cities
(in logistic centres as Timisoara or Arad), where lower Figure 10
levels are registered.
Industrial Supply and Take-up in Bucharest, 2005 –
• DTZ forecasts the vacancy rate to remain stable at 2010*
around 10% both in Bucharest and in the regions.
sq m (thousand)
• Over the past two months we have noticed a slight 250
improvement in the demand for modern warehouses,
as companies gain confidence in their expansion plans 200
and developers become more optimistic in continuing 150
the development of their projects.


2005 2006 2007 2008 2009* 2010*

Annual Supply Annual take-up

Source: DTZ Research; *Forecast 7
Industrial & logistics

• In terms of new developments or land acquisition, we • We believe it is a good period for companies to rethink
have seen a higher interest coming from developers or and set up their strategy for expansion, creating
end-users to identify advantageous opportunities in the presence in a certain region or building a new
market, with land prices decreasing due to a lack of distribution centre/hub, taking advantage of the current
transactions. conditions of the market, in which buyers have more
power to negotiate than in the previous years. 8
Key statistics – occupier market

Table 7
Bucharest office market
Q3 Q4 Q1 Q2 Q3 Q/Q Y/Y Directional
2008 2008 2009 2009 2009 change change outlook
Take-up (rounded)* 54 40 30 25 15 -40% -72%

Total supply (rounded)* 1,120 1,190 1,281 1,378 1,427 +4% +27%

Vacancy (%) 1.16 2.43 6.88 12.05 14.46 +20% +1,147%

New supply (rounded)* 49 70 91 97 49 -53% 0%

Prime rents** 25–26 25 24–25 22–23 20–21 -9% -20%

* Data expressed in thousand sq m; ** Rents expressed in €/sq m/month.

Source: DTZ Research

Table 8
Leasing transactions in Bucharest (Q1–Q3, 2009)
Office building Submarket Tenant Occupier sector* Area (sq m)
BOC Tower North Banca Romaneasca FS 15,000
PC Business Center North District 1 City Hall PUB 6,235
Elefterie Building Centre MKB Romexterra FS 2,700
West Gate Business Park West Ericsson ICT 2,300
Floreasca Business Park Centre-North Xerox Romania ICT 1,930
Iride Business Park North Cosmote ICT 1,800
Rams Business Park East Enel Energie Muntenia IM 1,500
* ICT – Information, Communication, Technology; IM – Industrial, Manufacturing, Trading; FS – Financial Services; A&M – Ad vertising & Media; PUB –
Governmental/NGO’s/Embassy/Public sector/Non-profit sector

Source: DTZ Research 9
Key statistics – occupier market

Table 9
Bucharest industrial market
Y/Y Directional
2004 2005 2006 2007 2008 2009
change outlook
Annual take-up (rounded)* 40 75 113 222 260 90 -65%

Total supply (rounded)* 110 185 300 530 785 830 +6%

Vacancy (%) 0 0 2 3 4 10-12 +175%

Annual supply (rounded)* - 75 115 230 255 45 -82%

Prime rents** 6–6.5 5–5.5 4.5–5 4.25–4.5 4.2–4.5 4–4.5 -5%

* Data expressed in thousand sq m; ** Rents expressed in €/sq m/month.

Source: DTZ Research

Table 10
Leasing transactions in Bucharest (Q1–Q3, 2009)
Industrial scheme Submarket Tenant Area (sq m)
Europolis Park A1, Bucharest–Pitesti Delamode 10,000
Equest Logistic Center A1, Bucharest–Pitesti KLG/Domo 9,000
Prologis Park Bucharest A1 A1, Bucharest–Pitesti Geodis 8,400
Prologis Park Bucharest A1 A1, Bucharest–Pitesti Omega Logistics 6,700
Atlas Project North Tornado 5,000
NordEst Logistic Park North-East Fresenius Medical Care 3,500
Equest Logistic Center A1, Bucharest–Pitesti Map Merchant 3,000
Equest Logistic Center A1, Bucharest–Pitesti Lagermax 2,500
Source: DTZ Research 10

Figure 11
• Transaction activity practically froze in H1 2009 with a
volume of approximately €26 million, representing a Total real estate purchasing activity by sector
97% decrease year-on-year. The volume diminished
€ million
by a third (quarter-on-quarter) in Q3 when institutional 250
transactions amounted to €13.3 million. The average
sale value decreased by 36% in Q3 compared to the 200
previous quarter and by 87% year-on-year.

• With reference to Q1-Q3 2009 the capital city accounts 100

for 62% of the total investment volume and it is also
the location of the most significant transaction 50

undertaken, the purchase of the 2 star Hello Hotel for

€9 million. The market is dominated by a small number
2008/Q3 2008/Q4 2009/Q1 2009/Q2 2009/Q3
of transactions and reflects activity levels to that of the
year 2003. Economic instability and limited access to Residential Office Retail Industrial Mixed Other
debt financing have generated changes in the type of Source: DTZ Research
transactions, therefore the first deals of distress type
sellers with examples in the residential and retail
Figure 12
segments, have been registered.
Prime Yields in Bucharest
• The fourth quarter of the year marks the most
significant transaction closed since August 2008. The
South African fund, New Europe Property Investments
(NEPI) acquired the European Retail Park Braila from
Belrom, for the amount of €63 million. The transaction
has a cash and share base issued by NEPI and allows
for a further purchase of two other retail parks of
Belrom with locations in Bacau and Focsani.

• Investment activity is controlled by international

investors in the form of corporations, private property
vehicles and quoted property companies although the
scaled back volume of money reveals a critical
difference compared to the values registered in
previous years. Decreases in the price of assets
combined with the deteriorating economic outlook have Source: DTZ Research
been the main challenges for property owners as
purchasing has harden in an increasing investment risk
environment. In the light of this, potential buyers have • Signs of resurgence can be observed across Europe
become more selective in their search for real estate where investment activity rose to 30% within the third
property gains. quarter, the UK (London and major cities) gained
positive figures followed by Germany, France, Spain
and Sweden. It is estimated that Romania will see the
• With the actual yield margins, evidence shows that we light at the end of the tunnel starting H2 2010. Should
are now returning to 2005 levels. Since the end of GDP trends follow the anticipated pattern of
2008 we have seen yield uplift of about 250 basis stabilisation projected for the last quarter of 2009, we
points in the case of retail and 300 basis points in the shall have slight increases for the next year thus
case of office and industrial. Surveys of DTZ Research leading to greater confidence from investors and
revealed that among other CEE countries marginally financial institutions.
levels are shown in Prague, Budapest and Warsaw for
office, retail and industrial as well. 11

• Signs of market recovery so much related to the • Within transaction market, DTZ believes that Q1 and
lending activity is anticipated along with the narrowing Q2 2010 will be similar to this year and we will see a
cost of finance expected to generate effects after the slight return of the market values putting pressure on
NBR decision to cut the base interest rate to a level of yield margins so that prime yields will contract from
8%. their anticipated Q1 2010 level by the end of 2010.

Table 11
Significant deals Q1–Q3 2009
Property Name Sector City Purchaser Vendor (million)
(initial yield)

Central TNG Real Estate &

Residential Constanta Westhouse Group €0m (n/A)
Apartments Baumeister

Prodas Holding €5m (n/A)

Prodas Retail Bucharest Delhaize Group
Zenith Shopping Black Pearl Real
Retail Ploiesti Lewis Charles - (n/A)
Center Estate

Various real Industrial/ Bucharest/Brasov/ European Future

Immoeast Group/Eyemaxx €20m (n/A)
estate properties Office/Retail Ploiesti/Timisoara Real Estate
€1.1m (11%)
Office building Office Bucharest Private Individual Private Individual

Modul Shopping Anakes Investment Equest Balkan €4.3m (11%)

Retail Targoviste
Center Limited Properties
€9m (n/A)
Hello Hotel Hotel Bucharest Immorent Continental Hotels
Source: DTZ Research 12

Stock: Total completed or refurbished office space (occupied and vacant), newly built since 1993, A and B class offices,
owner occupied and for lease.

New supply: Practical completions (obtaining valid occupancy permits) of new developments in a given time period.

A-Class office building: Reflects an above average fulfilment of the following criteria: air conditioning system,
suspended ceilings, floor to ceiling height minimum of 2.7m, flexibility of internal design, either three compartment
trunking for telephones, electricity and computer cable or raised floors, modern high speed elevators, maximum waiting
time of about 30 seconds, good quality fitted carpets and wall finishes, provision of secure dedicated car parking, reliable
telephone and communications equipment, dual power supply and/or power supply system back-up, humidity control.

B-Class office building: Reflects an average or typical property in that market based on the above mentioned criteria.

Take-up: The total floor space known to have been let or pre-let to tenants or owner-occupiers over a specified period of

Pre-lease: A lease signed prior to the practical completion of the development.

Sublease: Space offered for lease by a tenant who is contractually obliged to occupy the premises for a longer period
than needed.

Vacancy rate: Ratio of empty/vacant space in existing or newly completed buildings on the total stock.

Prime rent: Headline rent level achieved in new prime, high specification units in prime locations.

Stock: Total completed space of modern shopping premises (urban malls, retail parks, commercial galleries, outlet stores,
strip malls) completed since 1999.

New supply: Completed newly built schemes that obtained a use permit in the given period.

Prime rent: Headline rent level achieved in the most attractive shopping centres for units of approximately 100 sq m
leased to a fashion operator.

Industrial & logistics

Stock: Total completed modern industrial/logistics space (occupied and vacant) developed since 2004 and offered for

New supply: Completed newly built schemes that obtained a use permit in the given period.

Take-up: The total floor space known to have been let or pre-let to tenants over a specified period of time.

Vacancy rate: Ratio of empty/vacant industrial/logistics space in existing or newly completed schemes on the total stock.

Prime rent: Headline rent level achieved in new prime, high specification units matching the needs of logistics corporate. 13

Investment transaction: The purchase of commercial real estate for the purpose of receiving an income or rent.

Initial yield: The initial net income expressed as a percentage of the gross purchase price including the purchase costs
at the date of the acquisition. 14

Business Development
Cristian Ustinescu +40 21 310 3100

Office Agency
Madalina Cojocaru +40 21 310 3100

Retail Agency
Aura Voiculescu +40 21 310 3100

Industrial Agency
Rodica Tarcavu +40 21 310 3100

Residential Agency
Mihaela Pana +40 21 310 3100

Land Agency
Ionut Ciocan +40 21 310 3100

Property Management
Brigitte Schmitt +40 21 310 3100

Mihaela Cnobloch +40 21 310 3100

Marketing Department
Evelina Necula +40 21 310 3100

Valuation & Consulting

Dan Orha +40 21 310 3100
Claudia Scarlat +40 21 310 3100
Cristina Baloianu +40 21 310 3100 15
This report should not be relied upon as a basis for entering into transactions without
seeking specific, qualified, professional advice. Whilst facts have been rigorously
checked, DTZ can take no responsibility for any damage or loss suffered as a result of
any inadvertent inaccuracy within this report. Information contained herein should not,
in whole or part, be published, reproduced or referred to without prior approval. Any
such reproduction should be credited to DTZ.

© DTZ November 2009