Hagag Development Europe signs deal with Niro Investment Group to add new mixed-use project to its local portfolio

Real estate investor-developer Hagag Development Europe has recently signed a partnership agreement with the Romanian investment group Niro Investment Group for the acquisition of 50 percent of the multifunctional building located in the proximity of Herăstrău Park, on 23-25 Ghețarilor Street. In addition, the company exclusively took over the operating and management activities for the entire building.

The property returns to the market under Hagag’s brand, and will be officially known as H Herăstrău Park. With this new portfolio addition, Hagag Development Europe extends its current offer with over 6,800 square meters of office and retail space.

H Herăstrău Park has a gross built area of approximately 10,000 square meters displayed across a high regime of 1UGF + GF + 4F, with a leasable area of over 6,800 square meters comprising retail space on the ground floor and office on the upper levels, to which about 100 underground and above-ground parking spaces are added.

“H Herăstrău Park marks two important milestones for our company: on one hand, we are consolidating our current offer in terms of office and retail space, and, on the other hand, we are expanding of our presence towards the northern part of Bucharest, beyond the residential projects currently under development in the area. We are excited about this new transaction and about adding to our portfolio a new mixed-use project that will help us respond better to the growing demand in the market.”, said Yitzhak Hagag, Cofounder and Chairman of Hagag Development Europe.

Over the upcoming months, the building will undergo a light refurbishment process focused on revamping all common areas, and will be welcoming its first tenants beginning of July 2025. 18 percent of the available office space has already been leased, with the developer’s leasing team currently in advanced discussions to rent out over 2,500 square meters of office and retail space. The company estimates an occupancy rate of at least 70 percent by the end of this year.

All refurbishment and fit-our works, as well as the facility management and leasing operations will be entirely managed by Hagag Development Europe.