CBRE has strengthened its Romanian management team with the recruitment of Mihai Patrulescu to lead the investment properties department.
Before joining CBRE Romania, Patrulescu was a senior investment associate at Colliers, and before that he worked as senior economist at Unicredit. He is replacing Gijs Klomp, who recently joined CTP as head of business development.
‘The real estate market is witnessing an unprecedented transformation and the teams we build now will make the difference tomorrow,’ said Razvan Iorgu, managing director, CBRE Romania.
Commercial real estate investment volumes in Central Eastern Europe (CEE) reached €13 bn in 2020 and CBRE expects a gradual recovery with investment volumes of one-digit growth this year. Romania’s total investment volume was €588.5 mln in 2020, a value almost half of the one registered in the recent record year of 2019.
‘In the last three years, Romania attracted less than 5% of the total CEE investment volumes, similar to Slovakia, while markets such as Hungary and Poland generated between 20 and 40% of the total volume. I strongly believe this indicates a mis-pricing of risk. With a new approach, using knowhow from finance and economics, combined with CBRE’s deep understanding of the real estate market across all sectors, I am confident that we will soon attract new demand from major investors,’ said Patrulescu.
