Real estate developer Hagag has a EUR 100 million acquisition budget for 2021. “For this year we are considering the purchase of new real estate and we have an allocated budget of EUR 100 million. A new historic building was recently purchased and we are considering other acquisitions. We have an investment portfolio of EUR 250 million. We will focus on the niche segment of historic building restoration because we have seen the potential,” said Adelina Veneticu, Hagag Development Europe’s business development manager.
Hagag recently completed the restoration of the former Petrom headquarters on Calea Victoriei in Bucharest, transformed into the H Victoriei 109 project and is nearing completion of works on H Victoriei 139, a block of flats built in the interwar period near Casino Palace. The next project is the start of restoration works at the Stirbey Palace, which will cost EUR 20 million.
Hagag’s latest acquisition was concluded last month when it bought the office building on 21 Tudor Arghezi Street in the University Square area, with the value of the transaction exceeding EUR 9 million.
