April 16, 2019

CBRE takes charge of NEPI Rockcastle’s office portfolio in Bucharest

CBRE takes charge of NEPI Rockcastle’s office portfolio in Bucharest

CBRE was mandated with the property management of NEPI Rockcastle’s office portfolio in Bucharest, consisting of three emblematical buildings: Floreasca Business Park, The Lakeview, and Aviatorilor 8 (former Victoriei Office). The total surface of these projects is 70,580 sqm GLA. Thus, CBRE’s local property management portfolio reached 770,000 sqm, of which 410,000 sqm are in office, and 360,000 sqm in retail properties. This deal is a premiere, as this is the first time when NEPI Rockcastle, the largest private real-estate owners and developers on the local market, outsources its property management services. The South African investment fund, NEPI Rockcastle, mostly known as the largest owner of shopping centres in Romania and CEE, also holds an impressive office buildings portfolio, located in Bucharest, Cluj-Napoca, and Timișoara.

The three properties that will be managed by CBRE are landmark office projects on Bucharest’s real estate market: Floreasca Business Park has 36,470 sqm and is located on Calea Floreasca, The Lakeview has a total GLA of 25,907 sqm and is located on Barbu Văcărescu Boulevard, and Aviatorilor 8 has 8,203 sqm GLA and has a key location in Piața Victoriei right next to the Romanian Government Building. NEPI Rockcastle’s office portfolio has an impressive list of tenants, from General Electric and Huawei to Wipro, Fitbit, L’Oreal, Sandoz, Holcim, Goodyear, DHL and PwC.

CBRE recently moved their offices to Aviatorilor 8, one of the most modern buildings situated in the capital’s CBD (Piața Victoriei, Piața Charles de Gaulle area).

"CBRE and NEPI Rockcastle already have a strong and strategic partnership that started back in 2015, when we were apointed as the leasing agent for City Business Centre, in Timișoara. The fact that NEPI Rockcastle trusted us, and decided to outsource for the first time its office property management to CBRE, is a proof of the very good cooperation between our companies and the commitment of our team to provide the highest standard of service to three excellent buildings. The three office properties in Bucharest under this deal are indeed landmark properties, with strong tenant mixes, and we believe that with the right property management tools they will increase their value in the marketplace," said Luiza Moraru, MRICS, Head of Asset Services Division for Central and Eastern Europe, CBRE.

"Moreover, this deal consolidates our position as the leading property management company in Romania. Our local team put a great effort into achieving this level of expertise and benefited from the help of our worldwide teams. Through our property management services we go beyond the mere functional property services, as we aim to make every building that we manage stand out, and become unique in its marketplace. The signing of this partnership is the culminating point of an excellent period for our Asset Services Department. In 2018, we were focused on strengthening our value-adding and differentiating services: hospitality and customer experience for retail, community management for office and specialty leasing. One of the biggest successes in 2018 registered by the local Asset Services Department was that it outgrew itself by 100%. We are eager to further proof the unparalleled quality of our property management know-how by managing NEPI Rockcastle’s office portfolio in the best possible way," added Mrs. Moraru.

“The foundation of a solid business relationship comes from knowing your partner, and the quality that it has to offer. CBRE is a leading global real estate consultant, and we had the opportunity to seeing how they work on many segments. We chose them for outsourcing the property management of our office portfolio in Bucharest because we have complete confidence that they will perfectly conduct the operational and property management activities, thereby adding to their value," added Marius Barbu, Asset Director NEPI Rockcastle.

NEPI Rockcastle is the premier owner and operator of shopping centres in Central and Eastern Europe (CEE), with presence in nine countries and an investment portfolio of over €5.9 billion.

The Group benefits from a highly-skilled internal management team which combines asset management, development, investment, leasing and financial expertise. Geographically diverse management skills allow NEPI Rockcastle to pursue CEE property opportunities more efficiently, benefiting from a strategic advantage in the acquisition, development and management of properties.

NEPI Rockcastle owns and operates 51 retail properties (excluding joint ventures) which attracted 307 million visits in 2018. With Group-level management of tenant relationships and a focus on cross-country collaboration, the Group is the leading strategic partner for major retailers targeting CEE countries.

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