The Romanian branch of the Liebrecht & wooD Group, a European commercial real estate developer, is accelerating its growth on the local market with over 94,000 sqm of commercial space currently under construction or in the pipeline. At the same time, the company has decided to sell its property management business in Romania and focus exclusively on real estate development.
The Liebrecht & wooD Group was a pioneer on the Romanian market where it has delivered modern office and retail properties totalling 94,200 sqm of rentable space. The group’s portfolio of completed projects includes one of the first modern office buildings in Bucharest (Victoria Park) and the first outlet centre in Romania – Fashion House Bucharest – part of West Park, a popular shopping destination. The Militari Shopping Centre is another example of an asset successfully developed by the group in Bucharest.
“We are currently pursuing growing opportunities on the Romanian market resulting from the country’s improving economy. Thus, we have accelerated our development projects with an aim of delivering new projects that emphasize our company’s baseline: a different vision on real estate,” said Patrick Van Den Bossche, Managing Director of Liebrecht & wooD Group.
The company is currently focusing on two new developments in Bucharest, including Cernica Park, a retail destination on a 34 ha plot alongside the ring road on the A2 highway leading to Constanţa. The group has also purchased a 190 ha land located on the outskirts of the capital city with an aim of developing Frumusani Residential Park – a large-scale project offering 2,850 units. It will become a new satellite village for Bucharest offering a prime landscape surrounded by a lake and forests.
In the meantime, after almost 15 years of the group’s activity in Romania, its management has decided to reshape the approach and focus solely on real estate development and sell off its management companies.
“As of 16th May 2014, Liebrecht & wooD’s property management company WeCare in Romania has been transferred via a management buy-out. It was acquired by the group’s former partners, Mr. Dan Colcer and Mr. Horia Chioseaua, will carry on its operations locally under a new venture, Blackwood Property Management. I would like to thank Dan and Horia for their performance and helping Liebrecht & wooD to strengthen its position in Romania. We sincerely wish them all the best in the exciting market of property management,” said Patrick Van Den Bossche.
Liebrecht & wooD Group will continue managing West Park, the location of Fashion House Bucharest Outlet Centre, with the international and local management team from its Fashion House subsidiary.
