Glenway Holdings Group (GHG) is a progressive specialist property development company established to deliver quality construction projects on time and within budget. Our company is focused on residential, mixed-use and commercial office & industrial developments in prime locations in Romania & Bulgaria, Our company ethos is to provide our clients and partners with a superior service by continually improving our quality processes, providing exceptional management capabilities and by adding value through proactive and innovative solutions to our clients requirements.
Our company intends to deliver world-class developments in Romania & Bulgaria, we will consistently exceed client expectations, delight end-users, bring tangible benefits to the local communities and contribute significantly to increases in property values in the surrounding areas. GHG has acquired a development pipeline consisting of sites across prime areas in Romania & Bulgaria and will construct on these developments sites over the next number of years, GHG continues to look at development opportunities across Romania and is well placed to move quickly and decisively.
At Glenway Holdings Group (GHG), the integrity of our staff form the cornerstone of our established reputation as your partner, contact us to discuss your future investment plans and Glenway Holdings Group will help you transactions where opportunistic returns can be generated
Our mission: "GHG is committed to building long-term relationships based on integrity, performance, value, and client satisfaction".
GHG - Your Real Estate Partner
Design – Civil Engineering – Construction - Fit-Out - Maintenance - Facilities Management
Glenway Holdings Group is always seeking collaboration with Investors & Developers to work on projects in the expansion of our activities in the Romania & Bulgaria Real Estate market in 2017-18, please contact us to discuss your proposals.
The Glenway Holding Group Team
Romania will continue to growth in the office segment in 2018, while the overall market will remain stable, according to a report of real estate consultancy Knight Frank.
Bucharest is set to record new demand in the office sector, due to new players getting on the market and from existing companies that will extend or relocate their operations in the city.
In the last quarter of 2017, the office market recorded transactions totaling more than 85,000 square meters. The overall office market in Romania’s capital registered deals of over 310,000 sqm, in more than 170 transactions. The value is close to the record value from 2016.
Most of the demand was Calea Floreasca/Barbu Vacarescu area, followed by the Central Business District (CBD), the Center-West, Presei Libere Square and Dimitrie Pompeiu.
In 2018 we are expecting an increase in demand compared to 2017, but we are not talking, for example, of doubling the number of transactions. We estimate additional large transactions of more than 20,000 square meters, which will bring Romania in a few years closer to the figures of the neighboring markets, Hungary, the Czech Republic and, later, even Warsaw”, said Horatiu Florescu, chairman & CEO Knight Frank Romania.
Meanwhile, the European commercial property investments are set to beat in 2017 the volumes of EUR 216 billion from the previous year. In 2018, Knight Frank expects the transactions volume to remain rather similar to 2017.
Looking forward, Knight Frank points to the trends of flexible workspace and co-working which is growing fast in London, Berlin and Paris.
“The sector will continue to expand, as new styles of workspaces are developed to service a growing variety of occupier needs. The sector is continuing to extend in the Eurozone, and we estimate the same for Romania, in order to answer to a wider variety of needs,” said the consultancy.
Sonae Sierra, the developer of the Parklake shopping center in Bucharest, is looking to develop from scratch a new shopping center in the Romanian capital or in another city locally.
Thanos Efthymiopoulos, managing director, head of asset management & finance for Romania and Greece at Sonae Sierra, told BR that the financing environment for real estate investments has improved locally in recent years.
“During the last two years, I can tell you that the situation is far better. The banks are more willing to give money, even in development projects. Of course, they prefer to give money for investment opportunities. Basically, we are now discussing about a potential financing of the project, and we have 3-4 offers from banks,” said the managing director, speaking about Parklake.
Asked about new investment plans, he said: “We are looking for other opportunities in Romania – shopping centers or we would like for sure to have a substantial retail component. We are looking most probably to develop something from scratch. We are looking for both opportunities, even in Bucharest or outside.”
Efthymiopoulos suggested the developer struggled to finance Parklake in 2014, but Sonae Sierra managed it do it eventually “because we have an international presence, we have strength, we have the capacity to bring some banks, even from outside Romania to the project.”
Parklake opened in the autumn of 2016 following an investment of EUR 180 million. The shopping center has an occupancy rate of 95 percent at present, according to company officials. It has a gross leasable area of 70,000 square meters and it is controlled by Sonae Sierra and Caelum Development, each with a 50 percent stake.