Real estate developer HAGAG Development Europe, part of HAGAG Group Israel, announced it would invest EUR 8 million in consolidating and remodeling the former Petrom headquarters on Calea Victoriei in Bucharest, turning it into an office building.

This is the developer’s first office project on the local market. HAGAG bought the building in downtown Bucharest in May this year.

The building benefits from a total surface of 7,300 square meters, a gross leasable area of 6,000 square metres, and the height regime will be maintained at G+7, the company announced. The consolidation, remodeling and upgrading works will be completed in the second half of 2019.

“We have decided to invest in this project and focus our efforts on revitalizing the building and, implicitly, the area. H Victoriei 109 is a transformational project, and it is also an opportunity to deliver an exceptional product to the office segment. The edifice has a personality of its own that combines the elegance of the old times with what today we call high-end spaces,” said Cristina Ghita, sales manager Hagag Development Europe.

The office project, called H Victoriei 109, will offer several facilities, such as floating floors, ventilation systems with fresh air intake, low energy consumption, natural light and open space areas.

HAGAG Development Europe is a real estate developer specialized in residential and commercial projects in Romania. The company is involved in the acquisition, development and renovation of several buildings and projects involving more than EUR 150 million invested in Bucharest’s top development areas.

The developer announced in late-February this year its plans to invest over EUR 90 million in its first residential project in Bucharest.

Irina Marica, irina.marica@romania-insider.com