BRCC CITYLINK EVENT "ROMANIA REAL ESTATE - WHAT NEXT
Romania's property market became a target for institutional investors following the country's accession to EU in January 2007. This led to significant profit-making for local and regional investors, who benefited from the systemic change of the 1990’s and the fast-paced value inflation that followed.
2007 was a stellar year for Romania's property market; as the number, size and pricing of property transactions reached record levels there were clear signs that the local market was over-heating. Many chose to ignore them, in the belief that the country's over-optimistic government and people's natural appetite for a better standard of living would deliver ever-higher investment returns.
But Romania's new-found confidence was seriously shaken by the credit crunch that rapidly engulfed the world. The country's GDP fell by 7.2% in 2009. The credit crunch caught the country's relatively underdeveloped market on the wrong foot. With a large current account deficit, a strong currency that fuelled excessive foreign-denominated borrowing, an inefficient public sector and an inability to access billions of EU funding that could speed up its recovery.
The Romanian property bubble has finally burst. Property investment volumes dropped in 2009 by a reported 95% year-on-year, to their lowest level for 5 years.
Join us for a BRCC CityLink panel discussion and networking on the future of Romania's property market, its prospects for growth as the cycle turns and its ability to offer institutional-grade investment opportunities.
Joining our panel is:
Dragos Cinca, co-founder and ex-CEO of the consumer electronics retailer Flamingo. Following the divestment of a large part of his Flamingo holding, Mr. Cinca is pursuing various real estate opportunities in Romania through his Future Real Estate vehicle, including a 1000-unit residential development on the outskirts in Bucharest."
Adrian Johnson is a partner in EC Harris an International Built Asset Consultancy working with clients in the strategic planning of their business and the optimisation of their capital expenditure, operational cost, the ownership of their assets and the way that they use them, in the construction industry employing around 3600 people in offices in Croatia, Czech Republic, France, Germany, Hungary, Ireland, Italy, Netherlands, Poland, Romania, Russia, Serbia, Slovak Republic, Spain and Portugal with a presence in USA, Asia, Middle East and South Africa.
Victor Vadaneaux is a co-founder of Centerra Capital Partners, a property firm focused on Romania, based in Bucharest. Centerra is managing 110m euros of property investments on behalf of institutional investors. One of its main activities is the re-development of a 120ha former industrial site in the centre of the city of Brasov, the largest regeneration project in the country.
This event will be moderated by Adrian Ion, Director, European Finance Protego Real Estate Investors and Co-Chair, BRCC CityLink
This is a no fee payable invitation only event and attendance is on a first come, first served basis and limited to members and associates of the BRCC so please book asap.
To register, please contact ceo@brcconline.eu no later than 9th June 2010
This event is organised with the support of the Romanian Embassy in London
About BRCC CityLink
Through the creation of the BRCC CityLink networking group, the BRCC is responding to the professional development needs of Romanians working in the City, the increasing need for representation of this emerging group as a cohesive and influential community and the opportunity to help create even stronger links between Romanian and other professionals working in the City who share an interest in Romania. The Group will expand the membership of the Chamber, give the BRCC and its members and associates access to the incredible talent available from its potential members, bring new business opportunities and support the promotion of the City of London as a trading and investment destination.
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