Belgian real estate developer Atenor has completed the @Expo office complex in Bucharest, Romania, offering a total of 48,900 m2 of leasable office and retail space.
The two first buildings were finalized in 2022 and 60% of the space has been leased to renowned tenants such as Deutsche Telekom and Gameloft, while the remaining spaces are in negotiations with reputable tenants.
A third building has now been added, an 18-floor office tower with 28,000 m2 of gross leasable space. Initial discussions are underway with blue-chip tenants, with the potential to lease half of the space.
Viorel Lacatus, country manager of Atenor Romania, said: ‘The @Expo project represents the pinnacle of energy efficiency and occupant comfort in Romania. Notably, it achieves significant savings of at least €1 per m2 in utility costs compared to other office projects.’
The @Expo project is based on the latest energy efficiency and sustainable best practices. The first phase has already been awarded the BREEAM "Outstanding" certification, and the second phase is on track to achieve the same recognition. By implementing cutting-edge technologies, a 20% savings in operating costs has been achieved compared to buildings with a standard HVAC system.
Additionally, the entire project will be aligned with the EU Taxonomy standards and the WELL Gold standard.
@Expo is located next to the Bucharest Exposition site, which will soon be connected to Bucharest's newest Metro line 6 and already benefits from excellent public transport connectivity.
In addition to @Expo, Atenor is developing a second project in Romania's capital called UP-site Bucharest.
Atenor closed the first six months of 2023 in the red, reporting a loss of €53.8 mln, including €39.2 mln in impairment losses related to five projects in Germany and Central Europe. This compares to a profit of €9 mln achieved in H1 2022.
CEO Stephan Sonneville commented: ‘The upcoming capital increase (subject to the approval of the extraordinary general meeting) aims to bolster Atenor's balance sheet structure and consolidate its international presence and competitiveness in sustainable real estate. It should also enable it to express over time the significant potential margins in its portfolio of projects.’
Atenor foresees a loss increase in H2 2023 but expects a return to a normal pace of project sales from early 2024.
